Bitcoin to crash below $100K before shocking move, analyst predicts
It has been barely two weeks since Bitcoin (BTC) hit its new all-time high (ATH) of $126,198.07 on Oct. 6. But the rally didn't last long as the crypto market saw its worst crash three days later after President Donald Trump threatened to impose a 100% tariff on imports from China.
Since then, it has been quite a struggle for the king coin to stage a recovery. BTC was exchanging hands at $107,770.36 at the time of writing, down 3.8% in the last 24 hours.
Though a lot of crypto enthusiasts believe the worst cycle is over and Bitcoin will soon hit another new record high, a leading crypto analyst thinks BTC will sink even lower.
Though the peak of $126,000 met his expected target, Bitcoin couldn't withstand the macroeconomic tensions triggered by the fear of an escalation in the U.S.-China tariff war, wrote Standard Chartered head of digital asset research on Oct. 22.
Bitcoin will crash to $100K, Kendrick warns
Bitcoin's slide below $100,000 seems to be "inevitable," Kendrick warned in a note to clients. However, he admitted that the decline will be short-lived. In fact, it could even be the last chance to purchase Bitcoin for six figures, he added.
As per Kendrick, these three reasons would lead to a Bitcoin rebound:
On Oct. 3, he had predicted in his note that Bitcoin will reach $200,000 by the end of the year. Even now, he remains optimistic that the downturn will be short-lived.
This article has been published in yahoo.com via Yahoo News.
