The majority of the cryptocurrency market has been trading in the green over the past few days, including its main asset – Bitcoin (BTC), which a financial analyst believes could drop significantly if it crosses a critical threshold.
Clem Chambers, CEO of the award-winning global website for stocks, shares and data crypto ADVFNHe said the price of bitcoin could drop to $10,000 if it crosses the $17,000 threshold, he said Stansbury Research Daniela Cambon in an interview published on September 12.
“If it’s a strong leg, $18,000-$17,000, the next step it will drop to about $10,000. (…) If you start going up really hard from here, making it a ‘W,’ it will probably go easily to 40,000 dollar. “
However, he concluded by saying that a bearish $10,000 scenario is more likely in his opinion.
Interestingly, as early as May 2021, when the first asset was trading at around $38,000, Chambers had calculated that it was going through a four-year cycle. He said that in this cycle, bitcoin will reach lows of $10,000 before recovering to another record high of around $120,000, Coinphony reported.
Pump the brakes on the dollar
On the other hand, journalist and author of the financial thriller The Armageddon Trade, Twain Maxim Kusanagi and The First Knight, acknowledged the sudden end of the dollar’s rally, noting that “it was not a coincidence.”
“The Fed and these people have decided the dollar is strong enough and they don’t want it to get stronger.”
In his opinion, this is generally good news for cryptocurrencies as a whole for the following reasons:
That dollar strength has suppressed everything else. (…) Now this process has suddenly stopped, because the dollar has become too expensive. (…) Other assets now have an opportunity to appreciate their value.”
As he said, this “big deal” predicts that “the bumpy road we’re on will likely be over within a year to 14 months.”
Meanwhile, Bitcoin is trading at $22,242 at press time, up 0.01% on the day, and up 11.19% over the previous seven days, according to data obtained from CoinMarketCap.
See the full interview below:
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Bitcoin could drop to $10,000 if this key threshold is breached, says ADVFN CEO, first seen on Coinphony.