CNBC analyst predicted the bitcoin rate to fall to $10 000

According to Brian Kelly, the collapse will be triggered by central banks’ policy mistakes and the deleveraging of the market will only make this process worse

02.07.2022 - 11:15

381

1 min

What’s new? According to CNBC analyst Brian Kelly, the bitcoin rate could hit a new bottom even taking into account that the asset trades 70% below its all-time high (ATH). He has allowed the possibility of the BTC value to fall by almost 50% from current levels as the macroeconomic situation worsens, meaning it would hit the $10 000 mark.

Interview by Fast Money

What else does Kelly say? The expert compared the situation in the crypto industry to what was happening on the stock market in 2008 after the bankruptcy of Lehman Brothers, one of the largest US investment banks. At that time, many investors believed that the collapse of one player could trigger the collapse of the entire market. According to Kelly, a similar scenario in the cryptocurrency sector is possible in the short term. He added:

“Somebody big goes bankrupt that you never expected. We are probably months away from that.”

Kelly believes that the bitcoin crash will be triggered by central banks’ policy mistakes, and that deleveraging of the market will only make this process worse.

As of July 2, 11:40 UTC, bitcoin is trading at $19 218, having added 0,2% in 24 hours, according to Binance.

Earlier, InTheMoneyStocks.com expert Gareth Soloway said that bitcoin would face a further correction and allowed the possibility of the asset’s rate to fall to $12 000 and even $10 000.

Author: