Bitcoin: These Famous People are Massively Bearish on BTC; Why?

Paigambar Mohan Raj
Source: The Hollywood Reporter

Bitcoin (BTC), the original cryptocurrency, has fallen by nearly 50% since the beginning of the year. And along with it, every crypto project has entered the red. Although there are plenty of investors and firms who are betted for BTC, many famous finance personalities are heavily bearish on the biggest crypto by market capitalization.

Here is a list of influential people who are betted against Bitcoin turning green anytime soon.

Jeffrey Gundlach: The billionaire American investor and businessman recently appeared on CNBC and shared his thoughts on Bitcoin (BTC). According to him BTC’s plunge is far from over. The billionaire investor said that he would not be surprised if BTC dropped to $10,000.

Gundlach has previously made wild predictions regarding the cryptocurrency industry, and specifically Bitcoin. Gundlach referred to the Bitcoin chart as “scary” in an interview with CNBC from last year.

Jamie Dimon: Dimon is an American billionaire, businessman, and the CEO of JP Morgan, one of the largest American banks. According to Dimon, the market decline that occurred in the first half of the year is only the beginning. He asserted that the future may bring far greater turbulence and that investors may suffer more agony.

While speaking to Bitcoinist, Dimon said,

“I said they’re storm clouds. They’re big storm clouds here. It’s a hurricane, that hurricane is right out there down the road coming our way. We just don’t know if it’s a minor one or Superstorm Sandy.”

Peter Schiff: A chart that predicts how Bitcoin (BTC) might plunge below $5,000 was posted by seasoned financial expert Peter Schiff on his Twitter account. According to Schiff, investors should sell their BTC and then buy it again when it has fallen to a much lower level.

Richard Heart: The flamboyant founder of HEX, Richard Heart, believes that upcoming collapses will cause Bitcoin to experience significant corrections and drop to $11,000.

Heart stated,

“Bitcoin will tap around $10,000 from its high because that’s what it normally does, it drops 85%. Ethereum usually drops 95% because it has lower liquidity so it acts like a leverage position on Bitcoin, to some degree”

Peter Brandt: CEO of trading firm Factor LLC, Peter Brandt, believes Bitcoin won’t reach a new record high until the beginning of 2024. By then, the well-known chartist predicts that the Bitcoin would start a massive upswing.

However, Brandt is still pessimistic about the near future. In fact, he thinks that if Bitcoin fails to close above the high of May 31 on the weekly chart, it might be on course to fall as low as $12,700.

At press time BTC was trading at $21,750.20, up by 7.1% in the last 24 hours, but down by 28% in the last seven days.