Bitcoin made crypto enthusiasts happy when it was able to surpass the important level of $7,500 not too long ago.

At the moment of writing this article, Bitcoin continues to trade in the green and the king coin is priced at $7,586.57.

New BTC warning is out

An important crypto analyst, Cole Garner said that the global economy did not hit a bottom yet, and it’s not even close to do this.

He also said that BTC and ETH along with wider crypto markets will be hit really hard.

On Twitter, Garner cited billionaire hedge fund manager Ray Dalio to paint a picture on the global economy is headed.

The world is reportedly racing towards a depression

In a recent Ted Connects talk, Dalio said that the world is currently racing toward a depression.

This will reportedly be similar to that of the 1930s, and it will need years and years of recovery. It will also be the need to restructure financial systems. 

“Just so we are clear: A recession usually leads to a 30% to 40% fall in equities, a big recession usually has a 40% to 60% fall, and a depression is 60% to 80%. We haven’t even priced in a recession yet. There is a long way to go,” he said as cited by the Daily Hodl.

Bitcoin may fall to $4,800

Garner said that BTC might fall to $4,800.

He also believes that this will be the perfect opportunity to load up on BTC.

“If we leg down, I’m a buyer from $5,600 on down to $4.800…” he said. He continued and said that he might also buy loads of ETH as well.

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