According to economists, Bitcoin price will crash to zero

According to economists, Bitcoin price will crash to zero

Few months ago the value of 1 Bitcoin was around $20,000 (Rs 12-13 Lakhs), but recently the price has slashed below $7,000 (Rs. 4.2 Lakhs). According to analysts the popular cryptocurrency is now in a free fall. A recent statement of a popular economist Nouriel Roubini gives goosebumps as he says the price of bitcoin is heading towards zero.

Before reading, please Note – this is just a prediction from an economist “Nouriel Roubini“, Anyone from Gadgetcubes is not providing their own thoughts. So take this as a pinch of salt over the all recent rumors. 

In his tweet Nouriel Roubini stated,”Bitcoin crashing now to $6,100. And the US Hearing on cryptoscams is only a day away. So a $5K handle looks highly likely unless the crypto-manipulation gangs starts pumping and dumping or wash trading again. So HODL nuts: be ready for a 75% loss from recent peaks.”

In another tweet Roubini added,”As expected Bitcoin now crashes below $6000. Now the $5K handle is reached. And the US Congressional Hearing on Crypto-Scams is still a day away. HODL nuts will hold their melting Bitcoins all the way down to ZERO while scammers and whales dump and run…”

Nouriel was referencing a Congressional hearing that will see Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), and Jay Clayton, chairman of the Securities and Exchange Commission (SEC), testify in front of lawmakers about cryptocurrencies.

The economist used the term “HODL nuts” is his tweet, which was originated in a online forum when a user misspelled the word “Hold”. “HODL nuts” stands for “Hold on for dear life”.

Chairman of Roubini Macro Associates, also known as “Dr Doom” says that the big traders in the market are using wash trading to prop up the bitcoin prices which means someone buying and selling their own orders to manipulate cryptocurrency price. It increases the value of crypto coin rapidly, a free fall is followed by that. This kind of wash trade was happening in the market from last couple of months.

While according to few other analysts, the price of bitcoin may go up in upcoming moths with a value increasing to $300,000 – $400,000. From last couple of weeks, not only bitcoin, the value of top 10 cryptocurrency has almost became half of its early value. Many people are referring bitcoin as “biggest bubble in human history.”

what do you think about the current condition of cryptocurrency market ? let us know in the comments.

Source – CNBC News.