Market Strategist Warns Bitcoin Meltdown to $40,000 Incoming, Says People Are ‘Tired’ of the Crypto Trade
The chief equity strategist of Zacks Investment Research says the worst is yet to come as the price of Bitcoin (BTC) falls below $74,000.
In a new interview on CNBC, John Blank says the price of the flagship crypto asset may still plummet to around half of its current value.
“Generally speaking, a Bitcoin winner is 12 to 18 months long and these are well understood technical features so at $76,000 from $125,000, which was the peak, we can get to $40,000.”
He also shares his forecast when Bitcoin could plunge to $40,000.
“When does the force selling and liquidations happen to take us to $40,000? We can get there very quickly or more likely we’re going to get there over the next 6 to 8 months.”
Blank says that people are getting tired of the crypto trade even with attempts to create demand through crypto exchange-traded funds (ETFs) and stablecoins. He says the trading platform Robinhood is doing better than the crypto exchange Coinbase.
“The other problem here is how long is that game played? You know, that play gets played for years and there’s also a generational issue. People [are] tired of this whole trade. Tired of it because COVID’s over, tired of it because there’s other screen-based things to do.”
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