An analyst at the biotech consulting group BiotechWells Insights believes that after bitcoin dropped by 53% from the all-time high of crypto assets, “the party is clearly over.” The biotech consulting group analyst believes that crypto investors will “slow down the slope of hope with a dead cat boom from time to time” and expect the price to drop to $ 15,000 in the next few weeks.
Analysts say quit bitcoin and never look back
According to an analyst at Biotechvalley Insights, crypto investors should sell bitcoins and “don’t look back.” The analyst said that he had warned investors before bitcoin in a previous article (B T c) Fell more than 50% in value from a high of $ 64,895 to $ 30,066. The investor in the biotech consulting group emphasized that people should “consider eliminating anything related to bitcoin or shortening it.”
“[The] The recent collapse proves that bitcoin is not a safe haven, a stock of value or a hedge against inflation / market correction, but a speculative token that can go down 50% in a week. ” Article Published on Tuesday’s note. “Bitcoin has exhausted its foreign originator and is subject to a coordinated regulatory attack by governments around the world. At this point, I don’t think there’s anything that can keep it from falling any further,” the analyst reports stated in.
“Ethereum lifted its $ 1,850 low on May 19. Bitcoin is less than $ 2K away from its May 19 low as well. On May 10, the total market capitalization of 10,000 crypto currencies hit a high of $ 2.485 trillion. Reached the level. It took less than two weeks to fall below $ 1.3 trillion, “Schiff said.
Biotechvalley analyst plans to reduce bitcoin to $ 15K target
An analyst at Biotechvalley Insights believes that the downward spiral of bitcoin will take longer than expected. Analyst target price of $ 15,000– $ 16,000 per. is B T c, But adds, “The million-dollar question at this point would be, are we out of the woods?” The researcher of the biotech consulting group emphasizes on:
I believe that bitcoin has a long way to go from here. I think it will slowly grind down the slope of hope with the dead cat boom from time to time. Since the technology has been severely damaged, it is better to be the first to sell in a bubble before the entire ship sinks.
Bitcoin (B T c) And many other cryptocurrencies are facing tougher scrutiny over environmental concerns, and governments are breaking with excessive regulations. The biotech analyst says these are definitely issues, but cryptocurrencies also have “excessive levels of leverage.”
The report noted, “Any unexpected price drop could lead to rapid liquidation because many investors may not meet the margin requirement.” “Furthermore, it is no secret that bitcoin causes unforeseen volatility by manipulating the market from this excessive leverage and ending the position of retail investors.”
Analyst’s game plan is to make bitcoin smaller (B T c) “Up to US $ 31k and eliminate the 30-50% position to cover the cost base and consistently lower than the house money.” The researcher thinks there will be major resistance in this range, but resistance is expected around “$ 19-20k” after its breakdown.
What do you think about the Biotechvalley Insights analyst and the target of $ 15,000- $ 16,000 per bitcoin? Tell us what you think about this topic in the comments section below.
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