Is $8000 The Final Bottom For Bitcoin (BTC) Price? Here are The Levels To Watch
Scott Minerd, Global Chief Investment Officer, has shared his thoughts on the future of the world’s most popular cryptocurrency, Bitcoin. In a recent interview with CNBC Squawk Box, he predicted a negative trend for Bitcoin.
“On the bad side, bitcoin is predicted to fall even more after an inverse movement between price and hashrate was spotted, leading to a potential future downhill.”
On the good side, the notion of Bitcoin as a speculative asset would be replaced with that as a store of value. There would be less of a need to sell, therefore terminating the bull market. Despite the negative sentiment, there has been talk of a bearish market. By May 27, 63,000 Bitcoin assets will have expired.
In a live interview with CNBC, Minerd projected that Bitcoin will continue to plummet. Bitcoin, he claims, has experienced consecutive breakdowns below $30,000, and with $8,000 being the final bottom, all signs point to a downward trend.
Minerd also mentions the federal government’s increased restrictions as a factor in the downside. He disproved the notion that all currencies and cryptocurrencies are trustworthy. He stated unequivocally that the majority of currencies and cryptocurrencies are junk and garbage, respectively.
BTC and ETH will survive:
He believes there are 19,000 cryptocurrencies, but is skeptical of the current situation. When asked who will be the biggest winners, he compared the current scenario to the canary in the coal mine and drew further inspiration from the internet bubble.
Further, he said that during the internet bubble, Yahoo and American Online were undoubtedly the largest winners until technology evolved. Because Amazon didn’t exist, no one expected it to be a winner. Crypto, he believes, would be the same. With the addition of other cryptocurrencies, he believes anything is possible, yet he believes Ethereum and Bitcoin will survive. Stablecoins, he admits, are a promising future endeavor.
He believes in a crypto-based future but cautions that precautions must be taken. He criticized cryptocurrencies for failing to meet the fundamental components of a currency, such as storing value, means of exchange, and unit of account, and proposed a Hong Kong-style regulating body.
Bitcoin price action:
From the $28,500 support level, Bitcoin attempted a new climb. Above the $30,000 resistance zone, there was a clear move. A new low was set near $30,630, and the price began to fall. Near the $30,000 level, the first major resistance exists. If the price breaks through the $30,000 resistance level, it may head towards the main $30,600 resistance zone.