Louis Navellier predicted a possible change in trend and a decrease in the first cryptocurrency to $ 10 thousand.
The chairman and founder of Navellier & Associates Louis Navellier, in an interview with Business Insider, predicted an 80% correction in bitcoin and a decline in the value of the asset to $ 10 thousand.
Navellier believes that the Fed’s actions in the future will only strengthen the correction of high-risk assets, which are cryptocurrencies.
If the rate of the first cryptocurrency drops below $ 28.5 thousand, this will mean the implementation of the “double top” pattern, which can already be traced on the asset’s chart, said Navellier.
In his opinion, in this case, the asset expects an 80% correction and a decline to $ 10 thousand. Navellier added that an 80% decline is normal for Bitcoin.
In December 2018, the first cryptocurrency fell by 84% (to $ 3 thousand) after rising to $ 20 thousand a year earlier.
On December 3, Bitcoin is trading at $ 56.9 thousand, and its capitalization is $ 1.07 trillion, according to CoinGecko.
Navellier & Associates is a Reno, Nevada-based company that manages $ 2.5 billion in assets.
