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

by Mike Robinson

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Bitcoin may crash to below $10,000 due to a new development pattern

After reaching new all-time records, Bitcoin experienced a difficult retracement in November. Bitcoin is currently trading at 17% lower than its high of $68.7k but investors believe it could be 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.

Bitcoin Crash – The inevitable.

Louis Navellier said that, as the U.S. Federal Reserve reduces its bond buying program, it could lead to a sharp correction in risk assets. Bitcoin is one of these classes.

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

The $59,000 resistance has been a constant obstacle for Bitcoin. Navellier is concerned that Bitcoin could develop a terrifying double-top pattern if its price falls as the Fed reduces its bond buying program.

According to Navellier, investors would see a red flag if Bitcoin’s price falls below the $28.5k mark. 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.

The Flipside

  • Plan B, a Crypto Market Analyst, is famous for his Bitcoin Predictions. BelievesBitcoin trading will be over $100k by the end of this year

What You Need to Care About
As Bitcoin can go in either direction, both predictions are not based on expert opinion. As such, they should not be taken as investment advice.

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