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ADVFN CEO says Bitcoin could drop to $10,000 if it breaches this key threshold

Bitcoin

finbold.com 13 September 2022 10:09, UTC
  
Reading time: ~2 m

The majority of the cryptocurrency market has been trading in the green zone in recent days, including its flagship asset – Bitcoin (BTC), which one financial analyst believes could drop dramatically if it breaches a crucial threshold.

Indeed, Clem Chambers, the CEO of the award-winning global stocks, shares, and crypto data website ADVFN, said that the price of Bitcoin could fall all the way to $10,000 if it breaches the $17,000 threshold, as he told Stansberry Research’s Daniela Cambone in an interview published on September 12.

Chambers explained:

“If it makes a strong leg down, $18,000-$17,000, it’s going to go that next leg down to around $10,000. (…) If it starts to go up strongly from here, making that ‘W’, it’s probably going to go easily to $40,000.”

That said, he concluded by saying that the bearish $10,000 scenario is more likely in his view.

Interestingly, back in May 2021, when the maiden asset was trading at around $38,000, Chambers had projected that it was undergoing its four-year cycle. In this cycle, he said, Bitcoin would hit lows of $10,000 before rebounding to another all-time high of around $120,000, as Finbold reported.

Pumping the brakes on the dollar

On the other hand, the journalist and author of financial thrillers The Armageddon Trade, The Twain Maxim Kusanagi, and The First Horseman, did acknowledge the sudden cessation of the dollar’s strengthening, noting that “that’s not accidental.”

“The Fed and those guys out there have decided that the dollar is strong enough, and they don’t want it to get any stronger.”

In his opinion, this is generally good news for crypto as a whole because:

“That dollar strength has been suppressing everything else. (…) Now that process has been suddenly stopped, as the dollar was getting too expensive. (…) The other assets now have an opportunity to appreciate.”

As he said, this “big hairy deal” predicts that the “bumpy road we’re on is going to come to an end in probably a year to 14 months.”

Meanwhile, Bitcoin was at press time trading at $22,242, up 0.01% on the day, as well as up 11.19% across the previous seven days, according to the data retrieved from CoinMarketCap.

Watch the full interview below:

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 


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