“Analysts” Suggest Bitcoin May Plummet To $30,000

Market watchers and analysts suggest that Bitcoin could slip to $30,000 as investors begin to move cash to safer bets from speculative assets.

Some analysts claim that most investors consider cryptocurrencies as speculative stocks. The entire crypto market seems to have taken a punch to the head in the last 24 hours. Bitcoin alone is down more than 7.7%, and Ethereum is down by 9%, as per the data by CoinMarketCap.

Bitcoin is struggling to keep up

“It’s been a rough week for bitcoin which has been hammered by deteriorating risk appetite.”

BitMEX co-founder Arthur Hayes wrote in a blog post, “This is crypto, and magic internet money corrupts the brain so let me … attempt to sober you up.”

Hayes revealed that he is buying cryptocurrency put options. He also thinks it will happen in June 2022. Bitcoin will decrease to $30,000 from a high of over $68,000 in November 2021, according to Hayes, while ether will drop to $2,500 from a high of over $4,800 in November 2021.

There won’t be a “major collapse” in the short term as long as bitcoin trades above its fair price of $38,000, which was calculated using the network value to transaction ratio and on-chain statistics. Charlie Erith, CEO of crypto investment adviser ByteTree, made the assertion.

Will Arthur’s words come true and Bitcoin plummet to $30,000? I guess we have to wait and find out how the market will turn out.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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