A lot of lawmakers and regulators around the world have professed that they are not fans of cryptocurrencies. But Jean-Claude Trichet, the former European Central Bank (ECB) president, dismissed the entire idea of crypto money altogether.
Trichet is not alone. Many analysts are not impressed with the apparent upward direction of Bitcoin prices in the past few months. Cryptocurrency trader Crypto Dude recently tweeted an extremely shocking and bearish prediction about the eventual price of Bitcoin. He said that it could reach as low as $900 the moment that the hype dies off.
“$BTC Price prediction by 2021-2023. Somewhere between 900$ and 1400$. Once bulls lose support on the box, it’s going to be over. Bring the hate, call me crazy – I don’t give a sh*t,” he wrote in the post.
This prediction is not in the distant future as the trader said it would happen before 2023 at best. However, the trend in Bitcoin prices right now suggest otherwise.
Today, the BTC price is at $8778.90. While this number is a little lower than the peak price of more than $14,000 in the last few months, it is still way higher than it was during the last quarter of 2018 and the first quarter of 2019, when the value dropped to around $3,000.
On Tuesday, Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.
Nonetheless, none of these suggest that it will fall drastically in two years’ time. However, considering the volatility of the currency, anything is possible.
