Bitcoin (BTC) Crash To $1,000 Is Possible, Says Former World Bank Economist Amidst The Crypto Blood Bath
This morning, CoinMarketCap found itself under a crypto blood bath, and most coins are trading in the red.
Bitcoin fell again, and at the moment of writing this article, the most important coin in the crypto market is priced at $7,621.44 on CoinMarketCap after yesterday when everyone thought that there’s a chance it can hit $8,000 again.
After the latest bulls which entered the crypto market and made people more enthusiastic than ever, there have been a lot of optimistic crypto predictions in the crypto space.
A lot of them have been claiming that Bitcoin will be hitting the $10k level soon and that will be the moment that will lead to the FOMO get unleashed to the mainstream.
BTC to fall back to $1,000?
Now, the Daily Hodl reports that a former World Bank economist and partner at Lucid Investment Strategies says that we should hold our horses because BTC could fall to $1,000.
Back in August 2918, Leah Wald said that there would be a potential BTC drop down to $1,000.
The BTC Hyperwave
Now after BTC is priced above $7,500, Wald said that the odds of BTC falling back to $1,000 are definitely lower, but this doesn’t mean that they’re still not there:
“The BTC Hyperwave is still in effect until a new all-time high is reached. The recent price action has decreased the chances of returning to $1,000 but that target is not invalidated until a new all-time high is established…”
Wald continued and recalled: “Remember that Cash is king unless an asset class is trending UP and that only long term trends are fit for investments. We remained in cash as long as the long term trend was DOWN, we will continue buying as long as it remains UP.”
She also made sure to point out the once parabolic rise and fall of sugar while trying to give an example of a market that can hit an all-time high, crash and then go up again before dropping once more.
16/ Sugars price got within a whisker of returning to Phase 1, and then rallied back to near ATH territory, before selling off all the way back down to Phase 1. Just because the trend is turning bullish, the HW Phase 1 target is not invalidated until a new ATH is created.
— Leah Wald (@LeahWald) May 21, 2019
You can check out her tweet and the reactions that she triggered.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.