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Trader Claims Bitcoin May Drop Much Lower

Sun, 11/27/2022 - 19:27
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Alex Dovbnya
There’s a “decent probability" that Bitcoin sees another price crash, a prominent trader says
Trader Claims Bitcoin May Drop Much Lower
Cover image via stock.adobe.com

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Jake Wujastyk, VP at TrendSpider LLC, believes that the 2017-2019 monthly closes are an “inevitable area” for Bitcoin, the largest cryptocurrency to test. 

Wujastyk adds that there is a decent probability that such a scenario could play out. 

After hitting $19,666, the peak of the previous bull run, Bitcoin closed December 2017 at $13,880. The largest cryptocurrency entered a brutal bear market shortly after reaching its peak. 

In 2019, Bitcoin experienced a significant rally in the first half of 2022, reaching a yearly high of $13,880 in July 2019. The rally wasn’t sustainable, and the largest cryptocurrency ended up closing that month at $10,760 before plunging lower in the following months. 

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Earlier this month, Wujastyk noted that Bitcoin had formed a bear flag pattern. 

At press time, the largest cryptocurrency is trading at $16,561 on the Bitstamp exchange. The crypto king has now collapsed by more than 76% from its record high of $69,044 that was logged last November.  

Last month, prominent trader Peter Brandt said that there still was a possibility that Bitcoin could end up crashing to zero

The spectacular implosion of the FTX exchange has delivered an immense blow to crypto’s reputation. 

In a recent opinion piece published by the Wall Street Journal, American businessman Andy Kessler argues that crypto’s final price could be zero. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.