Bitcoin price has dropped more than 60 percent over the year. All projects in the broader cryptocurrency market have suffered from this decline. It has been announced that since the beginning of the year, the technology giant Tesla’s share has decreased by 52 percent to date. According to analysts and experts, BTC has not yet reached the bottom. As Kriptokoin.com, we convey the BTC comments of 3 well-known names to you.
3 legendary names shared their expectations for Bitcoin
Anmol Singh, Founder of Live Traders, revealed that he sees more downside for leading crypto Bitcoin and Tesla. Anmol Singh made the following statements in his statement:
According to me, Tesla stock will be worth $140 or $150. In addition, the price of Bitcoin is 13 thousand dollars. However, where he eventually went is unknown.
Using technical analysis, Singh talked about what will happen if Bitcoin reaches $13,000:
If this activity continues, I will buy some. However, I’m not sure people have felt the pain yet about what happened. Usually, markets don’t bottom out until people feel the pain.
Cathie Wood’s ARK Innovation ETF, which tracks tech companies, has dropped 64 percent over the year. However, Singh revealed that he has seen a flashback:
ARKK’s is one of those who are taking it back to a support area. It will never return to all-time highs. However, it can make a nice jump from $35 to $80.
ARKK has been trading between $34 and $35 for a while. It’s also significantly behind the 2021 all-time high of $158. Singh adds that the ARKK ETF will not be able to “return” in two to three years.
It will be a comeback for ARKK in the long run. While Cathie Wood is betting on a few of the companies that will go private, the rest will likely go to zero.
Losses continue in stock markets
The NASDAQ fell 32 percent for the year. Singh said it’s a good time to start “nipping” and investing in stocks.
Historically, if you take a look, [when] the markets fell 40 percent… “So I think it’s a good position to start gnawing.”
However, he warned that timing a trade perfectly is difficult. Singh,
I’m pretty good at picking the tops, but it’s not my job to pick the bottoms. You can never set the bottom perfectly, but I think it’s a good time to start allocating some capital.”
BitMEX ex-CEO shared his expectations
Arthur Hayes, former CEO of BitMEX, shared his BTC price expectation with his followers on his Twitter account. Hayes said the declines will end in March 2023. However, Hayes’ tweet came as the price of Bitcoin fell back to June levels due to what happened in FTX.
The tension between Binance and FTX seems to be over. However, the declines continue in the broader cryptocurrency market. Bitcoin slumped to $17,835 during the news and the US midterm elections.
Analyst Capo says the prospect for Bitcoin
Capo, who correctly predicted the previous market crash earlier this year, thinks the current BTC drop is “far from over”. Capo told his estimation to his 604,900 followers on his Twitter account. The analyst warns his followers that the pre-recovery bottom zone is “coming”.
Capo says that Bitcoin (BTC) could drop to a local low of $14,000 before recovering. The leading cryptocurrency has dropped 10 percent in the last 24 hours. Capo also predicts that altcoins will drop another 30 percent to 40 percent. Ethereum (ETH) is down 17.52 percent in the last 24 hours.
Cryptocurrencies began falling on Tuesday following the collapse of FTX’s native altcoin, FTT, down nearly 75 percent in the past 24 hours. Binance CEO Changpeng Zhao announced on Tuesday morning that his exchange plans to acquire FTX until it can analyze a full due diligence of the business. FTT’s decline came after concerns emerged that FTX’s trading arm, Alameda Research, was too dependent on the token as collateral for loans.