The cryptocurrency market has been facing major challenges for a long time, and the Bitcoin price has been on the decline since the past few days, falling to the $26k level. However, while many experts gave critical comments, the Polish financial advisor’s estimation drew attention! Here are the details…
Doomsday prediction for BTC price from Polish financial advisor: $3!
Cezary Graf, a Polish financial consultant followed by the crypto money market, made statements about the price of the leading cryptocurrency Bitcoin in his statements to his 42,500 followers on Twitter. On May 11, Graf stated in his statements that the price of Bitcoin could fall as low as 3 dollars. This crazy doomsday prediction from the expert is based on the influence of Tether and Binance on the Bitcoin markets.
According to the Polish financial advisor, Bitcoin price could drop to massive levels not seen in a decade as Tether or Binance or both collapse. The words of the expert are as follows:
Without Tether and Binance, the current $27,000 per BTC level would turn into $2.7. Then crypto could become financially attractive again. It’s better to lose an opportunity than to lose money. Better to wait.
Drawing attention after the statements, the Polish name said in a statement on May 13 that the estimate was not 3 dollars, but 2,700 dollars.
*chodzi o 2.7k USD nie o niecałe 3 dolary : )
— Cezary Graf (@CezaryGraf) May 13, 2023
So can the Bitcoin price really crash?
Tether has a huge impact on the crypto markets, with around 83 billion USDT in circulation. This figure currently represents around 7% of all crypto market capitalization. However, the firm recently released an assurance report stating that the stablecoin is fully supported. Tether reported an increase in excess reserves reaching an all-time high of $2.44 billion. He noted that most of his reserves are invested in U.S. Treasury Bills.
Binance is the world’s largest crypto exchange. Therefore, its effect is also very important. Binance also assured its clients that it has full reserves backing the tokens listed on the exchange. However, the company is currently targeted by US regulators, who are putting extensive crackdown on all crypto exchanges. That said, Binance has experienced a drop in trading volumes recently but remains dominant.
Anti-crypto commentators such as Cezary Graf, Nouriel Roubini, and Peter Schiff often make wild statements when crypto markets go down. These names are usually pretty quiet when the Bull markets are in full swing. However, as there have been examples before, many of these names’ doomsday predictions have not yet come true, and the Bitcoin (BTC) price is instantly traded at $ 27,407.14. It has risen 2% in the last 24 hours.
The market correction, which analysts predicted to drop to around $24,000, is also likely to deepen. At this stage, the probability of a catastrophic crash to $2,700 is pretty low, according to experts.
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