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Bitcoin Could Crash Below $10,000 With New Pattern Developing

CryptocurrencyDec 03, 2021 10:02AM ET
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Bitcoin Could Crash Below $10,000 With New Pattern Developing

Like most of the cryptocurrency market, Bitcoin endured a painful retracement in November after recording new all-time highs. While Bitcoin currently trades 17% down from its $68.7k all-time high, an investor believes it could get worse.

Famed growth investor, Louis Navellier, the chairman and founder of Navellier & Associates, has opined that Bitcoin could be facing one of the biggest price crashes in history. According to Navellier, Bitcoin could be facing an 85% price drop – sending BTC price under $10,000.

The Inevitable Bitcoin Crash?

Louis Navellier explained that as the U.S. Federal Reserve tapers its bond purchase program, there could be a major correction in risk assets, a class of which Bitcoin belongs.

According to Navellier, “the more the Fed tapers, the more volatility we should see in both stocks and bonds — and yes, bitcoin, too.”

Bitcoin has continually struggle to break the $59,000 resistance level. Navellier believes if the price of Bitcoin continues to decline as the Fed tapers its bond purchase program, BTC could form a scary double-top pattern.

He added that the price of BTC sliding down to the $28.5k mark would be a major red flag for investors. However, if that happens, Navellier believes Bitcoin could be well on its way back to the four-digit territory – a level last recorded in October 2020.

On the Flipside

  • Crypto market analyst, Plan B, famous for his Bitcoin predictions, believes that Bitcoin will end the year trading above $100k

Why You Should Care Both predictions are only expert opinions, as Bitcoin could go either way. Therefore, neither of the opinions expressed should be considered investment advice.

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Bitcoin Could Crash Below $10,000 With New Pattern Developing
 

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Comments (6)
Rob Whalen
Rob Whalen Dec 04, 2021 8:12PM ET
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Worst article ever written - if it hasnt fallen to 10k bases off of current fundamentals (which are nothing its a box of rocks) it never will. Its now hedge fund manipulated so unless they get out of the business its here to stay n these rips are all manipulated for them to pull in more sucker $ n make a boatload!
ricky dicky
ricky dicky Dec 04, 2021 12:17AM ET
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The crypto ride is over. sell, sell ,sell
morning wood
morning wood Dec 03, 2021 6:56PM ET
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Probably get more out of trading Pokémon
Matt Novakovich
Matt Novakovich Dec 03, 2021 12:03PM ET
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haha. bitcoin will see 4k
BISWA PANDA
BISWA PANDA Dec 03, 2021 11:28AM ET
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Please dont confuse people by giving contradicting predictions
Charlie Stephenson
Charlie Stephenson Dec 03, 2021 10:54AM ET
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Ha! Belongs in Mad Magazine.
 
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