Bitcoin predictions to spread after FTX crash


Bloomberg – Pick a number and cross your fingers: Those who say it’s the essence of Bitcoin predictions they are likely to be approved due to uncertainty in the sector.

Over the last few days, the long-term valuations of the largest token by market value they range from $5,000 from BCA Research Inc. to $1 million. USD from Cathie Wood of Ark Investment Management.

The huge gap reflects uncertainty over whether or not there will be further contagion following the collapse of Sam Bankman-Fried’s cryptocurrency empire.

The explosion is just the latest contender for the digital asset’s darkest moment in a year of decline fueled in part by rising interest rates.

E bitcoin (XBT), and the top 100 tokens fell by 70% during a period marked by detonated cryptocurrency projects and bitter Twitter feuds between fallen tycoons.

“People don’t know which platforms they can trust,” Adrian Przelozny, head of cryptocurrency exchange Independent Reserve, said on Bloomberg TV.

Some forecasters believe that bitcoin could fall to the level it was before its previous rundfd

Bitcoin, Ether (XET) and other major tokens stabilized this week, with the sell-off triggered by FTX, although fears of a wider fall remain palpable.

Peter Berezin, head of global strategy at BCA Research, says positive real interest rates – the true cost of borrowing – have increased the opportunity cost of holding cryptocurrencies. “Fiat currencies may have the last laugh,” he wrote in a note.

Instead, Ark’s Wood is sticking to its multi-million dollar growth forecast for the coin in 2030, citing digital asset technology. He also said there could be more FTX-related fallout in the near future.

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Cryptocurrency speculators often use chart patterns to know what to expect.

On the one hand, bitcoin’s fall from its all-time high of nearly $69,000 in November last year is approaching 80%. According to John Roque, technical strategist at 22V, bubbles “completely burst when the underlying asset drops 80% to 90%.

On the other hand, some forecasters are pointing to a poetic return to $10,000, as this is the level from which 2020 will begin. the chip broke out to start a bull run.

Independent Reserve’s Przelozny pointed to high “counterparty risk in the sector” and added that he sees “low prices and a lot of uncertainty in the next three to six months.”

Read more at Bloomberg.com

Source: news.google.com

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