Crypto Tycoon Doubles Down on Bitcoin to $11K ‘Crash’ Predictions
Cryptocurrency markets are struggling to recover, with small glimpses of green after Bitcoin has once again fallen below $20,000. BTC is trying to get back above $20,000, but it is facing resistance that is causing the price to trade back.
HEX founder Richard heart predicted exclusive to Watcher Guru in May 2022 that Bitcoin will crash to $11,000. At the time of his prediction, BTC was trading at $29,915, and four months later now, it is at $19,000.
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Watch Guru stretched out to the crypto tycoon again if he still believes that BTC is headed for $11,000. Heart doubled down on his predictions, claiming that Bitcoin will crash to $11,000, which is down 85% from its all-time high of $69,044, which it reached in November 2021 .
“Bitcoin will continue to fall to $11,000 as long as the grayscale discount to NAV exists. That’s the normal 85% price drop Bitcoin does. Mt GOX coins being released is more potential selling pressure,” he said to Watch Guru.
According to the Hex founder, Bitcoin falling below $11K is not a matter of “how”, but a matter of “when”. “I’ve been predicting it forever. Bitcoin typically falls 85% in bear markets,” he said. Read here to know more about Heart’s previous prediction in May 2022 that BTC is headed for $11,000.
He also told Kitco News, “I think Bitcoin will take around $10,000 from the high because that’s what it usually does. It drops 85%. Ethereum usually drops 95% because it has lower liquidity, so it acts as a leverage position on Bitcoin, to some extent. “
Surprisingly, Heart had also predicted in 2021 that Terra Luna will crash to $0. You can read more about the predictions here.
Also Read: Whales Dump $100 Million Worth of Bitcoin: BTC Struggles Below $20k
Bitcoin Prediction: The Rough Path Ahead
Bitcoin has been in a correction phase this year falling from $36,000 to $19,000 in less than nine months. A quick recovery may not be on the cards, and the global economy is facing an out-of-control inflationary crisis. The cost of living is increasing, while wages are not rising at the same pace. The Feds would meet on September 14 and 15 to discuss another round of rate hikes.
Another interest rate hike could send markets tumbling and Bitcoin could hit another low. Therefore, it is recommended to be cautious during this period as both the stock and crypto markets are in murky waters.
Also read: Crypto is a meme, but too powerful to ban: US Lawmaker
At press time, Bitcoin was trading at $19,776 and is down 0.4% in 24-hour trading. It is down almost 15% in the last 14 trading days and is struggling to climb above the $20K mark.
