With the largest cryptocurrency still faltering near the $30,000 levels, after the big drop that wiped out all the cryptocurrency gains, its losses widened with the collapse of Tera Luna and stable Terra.
It seems that a state of pessimism has begun to dominate senior analysts about the direction of bitcoin prices during the current year 2022, as more than one analyst believes that bitcoin may be on its way to a price collapse in the coming weeks.
Urgent: Fall turns into collapse
8 thousand dollars
The chief investment officer of the Guggenheim Foundation says that Bitcoin may fall to the level of $ 8,000, which means a decrease of more than 70% from its current levels.
Speaking on the sidelines of the World Economic Forum, Scott Minerd added that the continuous decline of Bitcoin to below $30,000 makes expectations increasing on the negative side.
The chief investment officer of the Guggenheim Foundation added that this means a decline towards the level of $ 8 thousand, especially with the tightening of the Federal Reserve’s monetary policy.
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A bleak vision.. a bubble
Minerd says that most cryptocurrencies will become unwanted, but he emphasized the continued existence of digital currencies such as Bitcoin and Ethereum.
And about the current downward wave sweeping the currency market, Minerd says: “The current situation is similar to the dot-com bubble that occurred in the early 2000s.”
The Guggenheim Foundation’s chief investment officer is of the opinion that so far there is no valid prototype for cryptocurrencies, given that the coins need to store value.
Minerd added that additional technological advances could change that and help create an ecosystem where people become accustomed to using cryptocurrencies for transactions and are confident that they will retain their value.
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Below 20 thousand
Earlier, Fairlead Strategy analyst Katie Stockton said that the cryptocurrency could drop an additional 40% if the important support level at $27.2 thousand is broken.
The analyst added that the cryptocurrency market experienced a sharp decline last week, with the collapse of the stablecoin Terra, which sent the price of Bitcoin dropping to levels near $26,000 for a short period before recovering later.
Stockton said that if Bitcoin fails to hold the $27.2 thousand support level, which means it will close below it for two consecutive weeks, it may drop to $18.3 thousand.
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The recent drop below the weekly support level reflects negative medium-term momentum and raises risks beyond the near term, said the analyst at Fairlead Strategy.
Stockton added that if the cryptocurrency stabilizes and the risk-driven rally returns, Bitcoin may retest the $39,000 resistance level.
Urgent: A violent landing… and a dangerous warning
A few days ago, Peter Schiff, chief global economist and strategist at Euro Pacific Capital, predicted an even bleaker scenario for the largest digital currency, Bitcoin, if the downturn continues.
“Bitcoin is under pressure again, now that it has failed to hold $36,000, it is looking to form a new support at $35,000,” famous economist Peter Schiff said at the time.
“If Bitcoin fails there at $35,000 levels, I think $33,000 will be the next challenge,” added Euro Pacific Capital’s chief global economist and strategist.
Urgent: A strong rise .. supported by a fall
Peter Schiff continued: “If that fails, the next stop is $30,000, and if that level fails, Bitcoin will crash below $10,000.”
“On the other hand, bitcoin trading at less than $10,000 is pretty much a certainty…the only variable is when,” added Euro Pacific Capital’s chief global economist and strategist.
Urgent: A sudden fall
The Director of the International Monetary Fund said that stable currencies that are not backed by assets represent a pyramid scheme, after the collapse of several cryptocurrencies in the past period.
Christine Lagarde, president of the European Central Bank, said earlier that cryptocurrencies have no basis on which to base and should be regulated so that people do not speculate on them with savings.
Earlier, US Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell warned that the collapse of the stablecoin TerraUST calls for more scrutiny and oversight of the cryptocurrency market.
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