A biotech consulting group, Biotechvalley’s analyst, has predicted that the value of Bitcoin can drop down to $15k after the currency experienced a loss of 53% from its highest value during the past couple of weeks. According to him, the investors are going to see a dead cat drop in the value of the cryptocurrency, keeping in view the recent events.
Analyst Said that Bitcoin Can Never Recover From the Loss
An analyst from Biotechvalley has said that investors should sell their bitcoin holdings and should never look back to invest in it again. He also said that in his previous articles that investors should sell their bitcoin holdings after the currency dropped down from its highest value of $64000 to $30000, which is over a 50% drop.
The investors can now sell their bitcoin holdings and keep the cash because nothing left in this currency will bring any profits. Moreover, he said that the recent collapse of bitcoin has shown that the cryptocurrency isn’t a safe investment as the currency has dropped down by 50% within a week, which shows the instability. Several governments worldwide are backing off from bitcoin, and there is nothing left for the developers that they can do to save this currency.
About the Analyst
The analyst from Biotechvalley is a financial blogger whose ranking is 7211 out of 8041 bloggers. In other words, these numbers show that he has an 18.3% average return per rating. Peter Schiff is also among the people who are of the point of view that bitcoin is dead. He Tweeted two days ago that Ethereum and bitcoin will disappear from the market in the coming days. According to Schiff, ethereum has dropped down to its lowest value of $1850 on May 19. The same is the case with Bitcoin; it is only $2k less than its record most inadequate on the same date. Collectively, the cryptocurrency has collapsed within a week.
The Current Crypto-Market
Bitcoin and other cryptocurrencies have fallen to its record low values. The reason for such a sudden downfall is environmental concerns that most people, organizations, and governments have noticed. Because of this, Tesla stopped accepting Bitcoin payments. Biotechvalley has predicted that bitcoin will drop down to $15000 in the coming weeks. Same can be said about the ethereum, which will also touch the floor. In addition to environmental concerns, cryptocurrency is also considered leverage as there are several issues associated with its security.
However, people are of different points of view now regarding this fall of cryptocurrency. If not Bitcoin, maybe there will emerge other digital currencies which won’t have such environmental issues. For instance, Elon Musk revealed that he is working with the developers of Dogecoin to make it environment friendly. More analysts say that this drop in the market is an opportunity for new investors to buy bitcoin as the currency will emerge again.