ADVFN head names conditions for bitcoin to fall to the $10 000 mark

That said, Clem Chambers does not rule out a rise in the price of the asset to $40 000 after the double bottom pattern is passed

13.09.2022 - 13:40

462

1 min

What’s new? Clem Chambers, head of ADVFN, a website dedicated to global stocks, shares and cryptocurrencies, said that the price of bitcoin could fall to $10 000 if it drops to the $17 000 level. According to Chambers, if the rate of the asset falls to the $10 000 mark, then BTC can reach the bottom twice within the relevant pattern, after which an active growth to $40 000 is possible. The expert told this in an interview with Stansberry Research.

Interview for Stansberry Research

What did Chambers say earlier? In May 2021, when the first cryptocurrency was trading at around $38 000, the head of ADVFN predicted that the BTC was going through its four-year cycle. In that cycle, he said, bitcoin would hit a low of $10 000 and then rebound to another all-time high (ATH) of $120 000. As for the current situation in the crypto market, Chambers is of the opinion that a bitcoin price decline to $10 000 is most likely.

As of September 13 at 13:30 UTC, bitcoin is trading at $21 458, down 3,88% overnight, according to Binance.

What is known about ADVFN? It is a British company that runs a website of the same name that provides up-to-date information about financial markets. The company was founded by Clem Adrian Chambers and Michael Hodges. Its core business is providing private investors with online data such as stock quotes, charts, financial news, futures and options.

Earlier, crypto trader and investor Tone Vays warned of a possible bitcoin crash similar to that of the 2018 bear market. According to Vays, the asset is repeating the price movement of May 2022, when it showed signs of recovery but eventually collapsed.

Author: