An analyst at Biotechvalley Insights claimed after losing 53% of its April all-time high, “the party is clearly over” for bitcoin and investors in the crypto asset are in for a “slow grind down the slope of hope” and should expect prices to drop at $15,000 in the next few weeks.
The biotech consulting group shareholder also said crypto investors should sell their bitcoin and not look back, claiming he had already warned them through an article he wrote before the infamous collapse of the top digital asset last week, coming from a high of $64,895 to $30,066, losing more than 50% in value.
The analyst also said people should think about liquidating anything related to bitcoin in order to salvage whatever profit they can still have right now.
Hopeless case for bitcoin
“The recent collapse proves that bitcoin isn’t a safe haven, store of value or a hedge against inflation/market correction, but a speculative token that can do gown 50% in a week,” the analyst wrote in his article.
He went on to say the crypto is done leveraging its exotic catalysts and is now the subject of a seemingly coordinated regulatory attack by governments around the world. Due to this, according to the shareholder, nothing can save bitcoin from further collapsing.
At press time, the digital currency is trading at $37,529 after briefly breaching the $40K mark yesterday, figures by Coingecko show.
The analyst and author of the report is a financial blogger ranked 7,211 out of 8,041 and has a negative average return per rating.
But despite that, he is not the only individual who believes bitcoin is already done for. Few days ago, gold bug Peter Schiff used Twitter to slam ethereum and bitcoin, focusing on their losses as the crypto market fell.
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