ADVFN CEO Clem Chambers has stopped being extremely bullish on bitcoin to now being bearish and claiming the cryptocurrency’s price will drop to $10,000 as part of a cycle BTC tends to repeat in its history.
During an interview with Stansberry Research Chambers, who in 2018 predicted the cryptocurrency was moving back to $20,000 and added that if “the market mechanism of the asset remains viral” it could go to $200,000 or even $2 million, revealed his bearish position claiming he held it “pretty much since the top.”
Per his words, he sees the price of bitcoin moving to $20,000 in the near future, and believes the bear market will end when it bottoms at $10,000, with $12,000 to $13,000 also being within his range for the market’s bottom.
His position, he says, is based on bitcoin doing “the same old patterns time and again.” Per his words, in 2011, 2015, 2017, and ow 2021 bitcoin has made the same exact pattern after the halving. It “goes up like a rocket and comes down like a rock.”
When it drops like a rock, he said, it bottoms at “roughly double” the previous market’s low. Per his words the market last time bottomed at an average of $5,000, which means it will now bottom at $10,000.