There’s a ‘decent chance’ that Bitcoin will see another price crash, says prominent trader
Jake Wujastyk, Vice President of TrendSpider LLC, believes that the 2017-2019 monthly closes are an “inevitable zone” for Bitcoin, the biggest cryptocurrency to test.
Wujastyk adds that there is a decent probability of such a scenario occurring.
After reaching $19,666, the high of the previous bull run, Bitcoin closed December 2017 at $13,880. The biggest cryptocurrency entered a brutal bear market shortly after reaching its peak.
In 2019, Bitcoin experienced a significant rally in the first half of 2022, reaching a yearly high of $13,880 in July 2019. The rally was not sustainable, and the largest cryptocurrency ended up closing that month at $10,760 before plunging lower in the following months. .
Earlier this month, Wujastyk Noted that Bitcoin had formed a bear flag pattern.
At press time, the largest cryptocurrency is trading at $16,561 on the Bitstamp exchange. The crypto king is now down more than 76% from its all-time high of $69,044 set last November.
Last month, prominent trader Peter Brandt said there was still a possibility that Bitcoin could end fall to zero.
The spectacular implosion of the FTX exchange dealt a huge blow to the reputation of the crypto.
In a recent opinion piece published by the Wall Street Journal, American businessman Andy Kessler argues that the final price of the crypto could be zero.
