Bitcoin before the crash? Investment giant warns: ‘There is no reason to buy now’

Cryptocurrencies are still recovering from the recent decline, and even if there is a slight increase, they are back in a downtrend. The world’s largest and biggest currency, Bitcoin, which has already shown signs of recovery and reached $35,000, is dropping again over the weekend and is trading at just $33.5 thousand.

It is true that the coin has made a crazy jump since the beginning of 2021, and has risen by thousands of percent in recent years, but the downward trend is leaving investors in a state of confusion. Recall: in mid-April, the large cryptocurrency reached its peak with an average of $ 64 thousand, but in May there was a terrible crash that she could not get out of yet.

Gongheim Investment House, which manages hundreds of billions of dollars in assets, was relatively supportive of cryptocurrencies, with millions of investments in bitcoin, but has since undergone a revamp. Chairman Scott Maynard already had a bleak end-June forecast for the coin to be in sharp decline — but if his comments were not certain, last weekend he was already assertive: “There is no reason for investors to buy bitcoin right now,” he said. In an interview with CNBC.

He said that the cryptocurrency is currently going through a crash phase — a crash that would only average $10,000: “When we look at the history of cryptocurrency and look at where we are, I think it’s a crash that means we’re going to drop by 70-80%, and we just say it’s going to be between 10 to 15,000 US dollars.”