We Will Sell Bitcoin! We Will Stop At This Level

Bitcoin: As long as the bubble in the crypto space continues to deflate, Bitcoin will see much lower price levels. A world-renowned strategist made the warning. He warned investors that the world’s top cryptocurrency could fall as low as $13,000. He also said that they will continue to sell their BTC and altcoin assets at full speed. A drop to $13,000 would mean a drop of around 40% from current price levels.

We will continue to sell bitcoin

Ian Harnett, co-founder and chief investment officer of Absolute Strategy Research, gave a statement on Tuesday. The strategist, who participated in “Squawk Box Europe”, made remarkable statements about Bitcoin and the crypto money market. Accordingly, the strategist said, “We will continue to sell such cryptocurrencies.” Then it smashed digital assets:

“Cryptocurrencies are really just a liquidity game. All we have found is that it is neither a currency nor a commodity. Also, BTC is definitely not a store of value.”

It looks like Harnett expects the cryptocurrency market to drop further. The strategist stated that “past crypto rallies have shown that Bitcoin is trending down an average of 80% from its all-time highs.” AmkNews.com As we reported, BTC reached 30 thousand dollars in 2017. After that, it decreased to 3 thousand dollars in 2018. Therefore, it can be said that the strategist’s interpretation is correct.

We will sell until BTC drops to these levels

According to the strategist, Bitcoin will experience a similar decline to the one mentioned above in 2022. As it is known, the token made a new ATH by rising to $ 69 thousand in the crypto boom in 2021. Harnett explained the price range that the BTC price will reach if there is a drop this year. Accordingly, it is possible for the leading cryptocurrency to retreat to $13,000, which is a key support area. Stating that the value of BTC and altcoins is directly proportional to liquidity, the analyst said:

“In a market with a lot of liquidity, cryptocurrencies are doing well. Right now, central banks are pulling that liquidity. Therefore, you see that the crypto market is under extreme pressure.”

Cryptocurrencies crash

When central banks have a loose monetary policy, the prices of cryptocurrencies explode. However, when the situation reverses and interest rates rise, prices fall proportionally. Last week, the Fed decided to raise the loan rate by 75 basis points. This was the largest rate hike by the US Fed since 1994. After the decision, central banks in Europe also increased interest rates. As a result, risky assets such as Bitcoin suffered a great loss of value. The total value of the cryptocurrency market has dropped by $350 million in just one week. The leading cryptocurrency fell by 5% in the last 24 hours to $20,000. BTC has so far wiped out more than half of its value.

In fact, the market was not in good shape before the Fed hiked interest rates. The collapse of Terra’s tokens LUNA and UST greatly shook the market. Investors lost their trust in projects. Along with LUNA, $60 billion was wiped out in a matter of days. Finally, stETH, which stands for staked Ethereum, exhibited a similar price action to UST, making things worse. The de-peg experience of stETH caused problems for big companies such as Celsius and Three Arrows Capital. In fact, these two companies are on the verge of bankruptcy.

Disclaimer: The articles and articles on AmkNews do not constitute investment advice. AmkNews.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is AmkNews an investment advisor. For this reason, AmkNews and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.

Warning: Citing the news content of AmkNews and quoting by giving a link is subject to the permission of AmkNews. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of AmkNews in violation of intellectual property law and relevant legislation.

Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.