Nevertheless, Louis Navellier, president of Navellier $ Associates, a US company that manages assets of $ 2.5 billion, warned that Bitcoin could collapse by 80% if it forms a “double top pattern”.
According to their estimates, “a drop below $ 46,000 (the 200-day moving average) would be a bearish sign.” “To complete the double top pattern, it must drop to $ 28,500, and so on. decline may indicate a future drop below $ 10,000. This is an 80% decrease and Bitcoin has demonstrated this behavior numerous times, “he said.
The last time the cryptocurrency experienced a drop of that magnitude was in 2018, when its price went from almost $ 20,000 to just over $ 4,000 in less than 12 months.
Navellier recalled that during the correction of February and March 2020, the height of the first wave of Covid-19 in Europe and the US, the value of Bitcoin fell significantly. However, he warns that this time the collapse may be greater: “When Bitcoin crashes this time, it will be a very strong fall due to the large number of individual investors,” he said.
According to the signature of this famous investor, if since 1997 they had followed his recommendation with only $ 100,000 today, it could generate $ 1.67 million in profits.
Source From: Ambito
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