During his recent interview with Stansberry Research, Clem Chambers, CEO of ADVFN, forecasted that Bitcoin could crash to $10,000:
Chambers explains that the top cryptocurrency constantly repeats the same pattern based on its quadrennial halvening event:
It goes up like a rocket. It comes down like a rock…It’s the same cycle. It’s the same audience. It’s the same driver, and therefore it’s the same pattern.
He adds that Bitcoin could tank to as low as $7,000 during a capitulation phase, but the flagship coin won’t stay at these levels for extended periods of times.
Chambers says that crypto winter is already here, but he sees it as an opportunity to accumulate more coins. He says that whose who bought at $60,000 will have to wait for “a long time” to get their money back.
Speaking of Elon Musk and China, the analyst dismisses them as “noise” since he’s convinced that the market moves due to technical reasons:
But people want to stick it on somebody, and they want to stick it on some kind of catalyst.
While Chambers’s bearish target might seem extreme, he appears to be on the same page with Guggenheim CIO Scott Minerd who recently predicted that $10,000 would be Bitcoin’s “real bottom.”
Bitcoin is trading at $33,273 at press time on the Bitstamp exchange after logging its worst quarter since late 2018.