An analyst with biotech advisory group Biotechvalley Insights believes the party is clearly over after Bitcoin lost 53% of its all-time high in crypto assets. The analyst for the biotech advisory group predicts that crypto investors will see a slow "lowering of hope with a periodic dead cat leap" and expects prices to drop to $ 15,000 in the next few weeks.
Analyst Says Drop Bitcoin and Never Look Back
According to an analyst at Biotechvalley Insights, crypto investors should sell Bitcoin and "don't look back". The analyst said he warned investors in a previous article before Bitcoin (BTC) collapsed from a high of $ 64,895 to $ 30,066 and lost more than 50% in value. The biotech advisory group investor insists that people "should consider liquidating or selling anything Bitcoin related".
"The recent collapse proves that Bitcoin is not a safe haven, store of value, or hedge against inflation / market correction, but a speculative sign that can fall 50% in a week," the article published on Tuesday said. “Bitcoin has exhausted its exotic catalysts and is under coordinated attack by governments around the world. At this point, I don't think there's anything that can save it from collapsing again, ”the analyst's report added.
The Biotechvalley Insights researcher isn't the only person who believes "Bitcoin is dead". Two days ago, gold bug Peter Schiff tweeted reluctantly about Ethereum and Bitcoin.
“Ethereum hit its low of $ 1,850 on May 19th. Bitcoin is less than $ 2,000 from the May 19 low. On May 10, the total market capitalization of 10,000 cryptocurrencies peaked at $ 2.485 trillion. It took less than two weeks to drop below $ 1.3 trillion, ”Schiff said.
Biotechvalley Analyst plans to sell Bitcoin up to a target of $ 15,000
The analyst from Biotechvalley Insights believes that Bitcoin's downward spiral will take longer than most expect. The analyst's price target is between $ 15,000 and $ 16,000 per BTC, but it goes on to say, "The million dollar question at this point would be: Are we out of the woods?" The study by the researcher of the biotech advisory group emphasizes:
I believe Bitcoin still has a long way to go. I think it will slowly drag down the slope of hope with a periodic dead hop. With the technology badly damaged, it is better to sell into the bubble first before the entire ship sinks.
Bitcoin (BTC) and a host of other cryptocurrencies have been scrutinized for environmental concerns and governments are using excessive regulations. The biotech analyst says these are definitely problems, but cryptocurrencies also have "extreme leverage".
"Any unexpected downward price movement can lead to quick liquidations as many investors are unable to meet margin requirements," the report said. "On top of that, it's no secret that Bitcoin whales are taking advantage of this excessive leverage by manipulating the market and causing unexpected volatility to liquidate retail investor positions."
The analyst's schedule is to sell Bitcoin (BTC), "liquidate up to $ 31,000 and 30-50% of the position to cover the cost base, and sell continuously with house money." The researcher anticipates that there will be key resistance in this area, but after mining, resistance around "$ 19-20,000" is expected.
What do you think of the Biotechvalley Insights analyst and the goal of $ 15,000 to $ 16,000 per bitcoin? Let us know what you think on this matter in the comments section below.
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$ 15,000 target, biotech researcher, biotechvalley insights, biotechvalley insights analyst, bitcoin, bitcoin (BTC), bitcoin is dead, bitcoin to $ 15,000, dead cat bounce, downward spiral, energy issues, markets and prices, Peter Schiff, regulations, resistance , short Bitcoin
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