The cryptocurrency investors try to keep track of both the bullish and bearish predictions to make the best investment decisions. During a time when the cryptocurrency market is undergoing a massive correction phase, bears have taken the chance to spread around some of their views and opinions in the market. Among these bears is the renowned financier Louis Navellier.
According to the shocking remarks made by Navellier, the flagship crypto might be heading towards an 80% correction before the year-end. The extreme correction might seem unlikely to most investors, but it is not entirely dismissible based on the past bullish runs of Bitcoin. At the same time, digital investors at large are taking the bearish broadcast with a grain of salt.
Navellier based his massive Bitcoin correction predictions on the recent announcements by Federal Reserve chair Jeremy Powell. Addressing the Senate, Powell recently accepted that inflation rates are beyond transitory limits, and the Federal Reserve is planning on tapering its investment ASAP. As per Navellier, the direct result of tapering is increased volatility in risky assets.
He explained that hawkish remarks of FR are going to impact securities, bonds, and Bitcoin in the same manner. Navellier pointed out that the flagship cryptocurrency has been meandering between multiple support levels during the last two weeks.
The price prediction coming from Bitcoin bear Navellier might seem extreme and unrealistic to many investors. However, it is worth noting that at the end of the 2018 Bull Run, Bitcoin showed an 84.5% price correction. Quoting the same histogram, Navellier claims that any decline below the $46K or 200-day moving average is the yellow chit.
He further explained that if the beacon coin continues to move on the same bearish spectrum and touches the $28,500 support level, the dangerous double-top pattern movement will be solidified. He went on to declare that if that happens, Bitcoin can plummet to $10 and even lower. However, crypto analysts like Michael Von De Poppe are still hopeful about the six-figure evaluation for Bitcoin before year-end.