Summary
- Quinn Thompson predicted that Bitcoin (BTC) is likely to fall below $60,000 this year.
- He stated that due to the current market's high volatility, the decline will be a shocking event for investors.
- He added that it will be difficult to expect good results from the cryptocurrency industry amid the policy headwinds in the U.S. economy.
According to CoinDesk, a cryptocurrency-focused media outlet, on the 31st (local time), Quinn Thompson, founder of the cryptocurrency hedge fund Lekker Capital, claimed that Bitcoin (BTC) is likely to fall below $60,000 this year.
This is about a 50% drop compared to $109,000 two months ago.
He analyzed, "I don't think the decline will happen quickly," adding, "It will proceed unbearably slowly."
He continued, "The current market is in a situation of great volatility, such as large-scale liquidations and crashes," and "Because of this, the decline will be a very painful and shocking event for people."
Furthermore, he explained, "Investors will suffer in the expectation that this might be the bottom," and "The policies of the Trump administration, such as the Department of Government Efficiency (D.O.G.E) workforce reduction, tariffs, the Fed's limited response, and new immigration policies, will impact the U.S. economy over the next 6 to 9 months."
He also added, "Stocks, Bitcoin, etc., are facing these headwinds," and "It will be difficult for the cryptocurrency industry to achieve good results this year."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
