When Bitcoin hit the floor recently, it then lost half of its weight but then it restarted to recollect lost momentum. Within this time, an expert analyst from Biotechvalley Insights made a comment suggesting that the Bitcoin party has finally come to its end. He continued saying that though Bitcoin’s value has decreased by 53% that is not the ultimate impact of the dip. It will go down even under US$ 15,000 within a couple of weeks.
A reputed analyst working with the Biotechvalley Insights had a piece of advice, especially for the Bitcoiners. He had advised that Bitcoiners should immediately get rid of their Bitcoins and run without looking back. The analyst also referred to his earlier writing piece which was published before the recent Bitcoin dip. In this article, the analyst had warned the crypto community of the future outcome of Bitcoin. He said if people want to keep up their ties with crypto then they should look for Bitcoin alternatives.
He was of the view that the prevailing circumstances have proven that Bitcoin is not something which everybody was expecting i.e. the “safe haven”. Instead, it is the same as had been invented 12 years ago with the inherent flaws such as speculation and volatility. It has also proven that it can even decline by 50% and the possibility of further decline, cannot be ruled out, argued analyst. He added further that according to his analysis another major upset will occur to Bitcoin after a couple of weeks. He is expecting the value of Bitcoin to go down even by US$ 15,000.
The analyst continued arguing that Bitcoin days are over because the coin has already exhausted the majority of its catalysts which were exotic. Most importantly, throughout the world, governments are in the process of proposing crypto regulations. Once the regulations are there then the inevitable end of Bitcoin will not belong. There is no one right now who could even come in aid of Bitcoin and save it from further collapse.
The analyst further believes that the present value of Bitcoin looks a bit fictitious to him. Instead, he is expecting the price of Bitcoin to range between US$ 14,000 to US$ 16,000. He advised that Bitcoin is like Titanic which is about to sink and therefore without wasting any more time, Bitcoiners should dump their coins.
He believes that the environmental issue is not something that could be resolved in a matter of days. It will take considerable time spreading over years. Resultantly, the majority of cryptocurrencies would be adversely affected, particularly those whose mining processes have been questioned. Only those digital currencies will survive that are environmentally friendly but would anyone be interested in crypto then?
There were other known personalities as well who remarked negatively about Bitcoin and Ethereum. For instance, Peter Schiff had been seen tweeting his disliking of the lead crypto coins i.e. Bitcoin and Ethereum.