The cryptocurrency market saw a drastic dip last week as top coins slumped for three days straight in the indices. The non-stop bleeding saw investments being wiped away in a jiffy and the majority of holders are now under loss. In addition, TerraUST and LUNA holders saw their portfolio slump by 99%, and trust in the project is now eroded. The market is yet to recover fully as it’s turning both ‘red and green’ simultaneously. There’s fear looming that the market is headed for another crash and Bitcoin could dip much further than $25,000. Investors believe a crash is not a matter of ‘how’ anymore but is only a matter of ‘when’.
Prediction: Bitcoin to Dip to $11,000
HEX founder Richard Heart believes Bitcoin is headed for severe corrections and will slump to $11,000 in the next crashes. “I think 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,” he said to David Lin, anchor for Kitco News last year.
Watcher Guru reached out exclusively to Richard Heart asking if he still believes Bitcoin is headed towards $11,000. Heart revealed that he’s confident Bitcoin will plummet dramatically and said, “Yep, I’ve predicted it forever. Bitcoin drops 85% in bear markets usually.”
The crypto tycoon also tweeted recently to his 219,000 followers that “Bitcoin is doomed.” The founder of HEX is vocal about an upcoming Bitcoin crash and is ringing the warning bells about an upcoming disaster. However, is Bitcoin headed towards $11,000 in the coming weeks is a game we will all have to wait and watch.
Heart had also previously predicted that TerraUST will crash and his predictions turned out to be accurate. You can read the predictions of the TerraUST crash here.
At press time, Bitcoin was trading at $29,915 and is down 1.7% in the 24-hours day trade. BTC is down 56.5% from its all-time high of $69,000 which it reached in November last year.