The cryptocurrency market took a significant hit last week, with top coins falling for three days in a row in the indices. The non-stop bleeding wiped out investments in a flash, and the majority of holders are now in the red. Furthermore, TerraUST and LUNA holders saw their portfolios plummet by 99 percent, eroding trust in the project. The market has yet to fully recover because it is turning'red and green' at the same time. There is growing concern that the market is about to crash again, and Bitcoin could fall much lower than $25,000. Investors believe that a crash is no longer a question of 'how,' but rather of 'when.'
Prediction: Bitcoin to Dip to $11,000
Bitcoin, according to HEX founder Richard Heart, is headed for severe corrections and will fall to $11,000 in the next crashes. "I believe Bitcoin will fall to around $10,000 from its high because that is what it usually does, it drops by 85 percent." "Because Ethereum has lower liquidity, it acts like a leverage position on Bitcoin to some extent," he told David Lin, anchor for Kitco News, last year.
Watcher.guru mentioned that they reached out exclusively to Richard Heart asking if he still believes Bitcoin is headed towards $11,000. Heart revealed that he’s confident Bitcoin will plummet dramatically and said, “Yep, I’ve predicted it forever. Bitcoin drops 85% in bear markets usually.”
The crypto tycoon recently tweeted to his 219,000 followers, "Bitcoin is doomed." The founder of HEX is vocal about an impending Bitcoin crash and is sounding the alarm about an impending disaster. However, whether Bitcoin will reach $11,000 in the coming weeks is a game that we will all have to play.
Richard Heart had previously predicted that TerraUST would crash, and his predictions were correct.
Bitcoin was trading at $29,915 at press time, down 1.7 percent in 24-hour trading. BTC is down 56.5 percent from its all-time high of $69,000 in November of last year.