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Will Bitcoin Hit $13,000? A Strategist Seems to Thinks So

Ian Harnet believes that bitcoin is likely to fall 80% during past bear markets. If so, bitcoin could plunge to $13,000. Such an event will erase the slight recovery of the...
Will Bitcoin Hit $13,000? A Strategist Seems to Thinks So © Reuters Will Bitcoin Hit $13,000? A Strategist Seems to Thinks So

  • Ian Harnet believes that bitcoin is likely to fall 80% during past bear markets.
  • If so, bitcoin could plunge to $13,000.
  • Such an event will erase the slight recovery of the current market.

Absolute Strategy Research co-founder Ian Harnett believes that the downfall of Bitcoin might not be over just yet. He believes that the past crypto rallies bear witness to such a plunge, as Bitcoin tends to lose 80% of its value in such situations.

He cited the example of the year 2018 when Bitcoin hit $3,000 after touching $20,000 in 2017. Ian added that if such an event reoccurs, we will witness bitcoin lose 40% and could hit $13,000.

We would still be selling these kinds of cryptocurrencies into this environment. It really is a liquidity play. What we’ve found is it’s neither a currency, nor a commodity and certainly not a store of value.

Bitcoin hit an all-time high of $69,000 during the bull market of 2021. Ian states that if such an event is likely to occur, bitcoin could hit $13,000, which is a key support area.

In a world where liquidity is plentiful, the Bitcoins of this world do well. When that liquidity is taken away — and that’s what the central banks are doing at the moment — then you see those markets come under extreme pressure.

The present bear market witnessed high inflation combined with the Fed increasing the interest rates. The major impact began last month with the fall of the Terra ecosystem. All of these factors took a significant toll on the stock and crypto markets.

These events were also followed by the Celsius issue, where it halted withdrawals, swaps, and trading for over eight days. Three Arrows Capital has also displayed financial instability as it suffered a major loss on its LUNA investment.

The market is slightly recovering from Bitcoin’s fall below $18,000 last week. But, if Bitcoin hits $13,000, the market should be ready for another bloodbath.

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30-06-2022 06:14:53 (UTC+7)

EUR/USD

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↑ Buy

Moving Avg:

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EUR/USD

1.0444

+0.0005 (+0.05%)

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↑ Buy

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GBP/USD

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USD/JPY

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AUD/USD

0.6880

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USD/CAD

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EUR/JPY

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EUR/CHF

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Gold Futures

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Silver Futures

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109.58

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Brent Oil Futures

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Natural Gas Futures

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US Coffee C Futures

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Euro Stoxx 50

3,514.32

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S&P 500

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DAX

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FTSE 100

7,312.32

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21,996.89

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1,713.32

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IBEX 35

8,188.00

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41.580

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Bayer AG NA

57.62

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Allianz SE VNA O.N.

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Adidas AG

170.02

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Deutsche Lufthansa AG

5.813

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Siemens AG Class N

101.40

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Deutsche Bank AG

8.571

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 EUR/USD1.0444↑ Buy
 GBP/USD1.2126↑ Buy
 USD/JPY136.54↑ Sell
 AUD/USD0.6880Neutral
 USD/CAD1.2889↑ Sell
 EUR/JPY142.60Neutral
 EUR/CHF0.9971Neutral
 Gold1,819.50Neutral
 Silver20.718↑ Sell
 Copper3.7772Neutral
 Crude Oil WTI109.58Sell
 Brent Oil112.25↑ Buy
 Natural Gas6.441↑ Buy
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,805/ 6,865
(0/ 0) # 1,727
SJC HCM6,820/ 6,890
(0/ 0) # 1,751
SJC Hanoi6,820/ 6,892
(0/ 0) # 1,753
SJC Danang6,820/ 6,892
(0/ 0) # 1,753
SJC Nhatrang6,820/ 6,892
(0/ 0) # 1,753
SJC Cantho6,820/ 6,892
(0/ 0) # 1,753
Cập nhật 30-06-2022 06:14:55
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DO 0.05S30.01030.610
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Dầu hỏa 2-K28.78029.350
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.070,0023.380,00
EUR23.788,7225.121,19
GBP27.597,2728.774,53
JPY166,01175,75
KRW15,4718,85
Cập nhật lúc 06:09:17 30/06/2022
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