Today doesn’t seem the best day for the crypto market as most digital assets are trading in the red. Bitcoin is priced at $7,625 on CoinMarketCap.
After the recent bulls came to the market, most crypto experts were expecting BTC to surge even more and even hit the $10,000 psychological level.
After a lot of optimistic price predictions, now there’s a pretty dark one that’s suggesting BTC’s price could fall all the way back to $1,000.
BTC to drop top $1,000?
According to the Daily Hodl online publication, a former World Bank economist just said that we should be prepared for a potential fall of the most important coin in the crypto space.
Leah Wald said back in August 2018 that BTC could fall to $1,000 and now, she says that even if the chances for this to happen have significantly dropped, this is still a viable possibility and we should take it into consideration.
BTC is priced above $7,500, and Wald said the following:
“The BTC Hyperwave is still in effect until a new all-time high is reached. The recent price action has decreased the chances of returning to $1,000, but that target is not invalidated until a new all-time high is established…”
Cash is reportedly king
Wald continued and recalled: “Remember that Cash is king unless an asset class is trending UP and that only long term trends are fit for investments. We remained in cash as long as the long term trend was DOWN, we will continue buying as long as it remains UP.”
16/ Sugars price got within a whisker of returning to Phase 1, and then rallied back to near ATH territory, before selling off all the way back down to Phase 1. Just because the trend is turning bullish, the HW Phase 1 target is not invalidated until a new ATH is created.
— Leah Wald (@LeahWald) May 21, 2019
She made an analogy with the parabolic rise and fall of the price of sugar, tweeting that this is the perfect example of a market that hit an all-time high, then fell back, went up again and dropped all over again.
She tweeted the example and received various reactions. Someone said: “How can you compare Sugar to a scarce asset like bitcoin? Makes no sense to me.”
Head over to Twitter and check out more of people’s reactions.