Avenue Capital CEO Marc Lasry evaluated the Bitcoin price action. He also made predictions about when the ongoing crypto sales will end. Accordingly, the CEO said that BTC has not yet seen the bottom. He added that investors should expect more sales and declines from today until the end of the year.
Sales in the cryptocurrency market will continue until the end of the year
Avenue Capital CEO Group CEO spoke to Bloomberg. Accordingly, Marc Lasry predicts that the decline in the cryptocurrency market will continue until the end of 2022. In an interview on June 15, Lasry said that it is currently impossible for Bitcoin to bottom out. According to him, no one expected BTC to see these levels. As we have reported as Kriptokoin.com, Bitcoin is currently changing hands at $ 21,178. The CEO said that Cryptocurrencies continue to post lower numbers this week. Therefore, he stated that crypto investors are also getting increasingly nervous:
“The more crypto you sell, the more you suffer. And this will continue between today and the end of the year.”
BTC fear and greed index dropped to 7, the extreme fear zone, after a long time. For this reason, Lasry said he believes the leading cryptocurrency has not bottomed yet. He also stated that he advocated that interested investors should buy as many tokens as they can.
Futuristic cryptocurrency predictions
As it is known, Bitcoin and altcoins made a big bull rally in November of 2021. At the time, analysts predicted that BTC would exceed $100,000. There were even those who predicted that it would trade higher. Goldman Sachs, for example, said that BTC would reach $100,000 if investors saw it as a store of value amid rising inflation. In all this atmosphere, investors continued to accumulate cryptocurrencies in the hope that the 2021 bull period would return. However, a slight drop from the 2021 peak has turned into a full-blown bear market for cryptos.
Big investors feel the biggest pain
Among the investors who bought BTC while it was falling, there is US-based software company MicroStrategy. The firm purchased 660 BTC between December 2021 and January 31, 2022. MicroStrategy began receiving a $205 million BTC-backed loan from Silvergate Capital in March. Thus, he used his funds to buy an additional 4,167 Bitcoins. Following this week’s crash, the company’s stock MSTR took a big hit. Shares tumbled 28% in premarket trading on Monday.
El Salvador recognized BTC as its legal currency in September last year. Then, after buying Bitcoin from the bottom several times, it is experiencing a tighter correction. The most recent BTC purchase came in May, when Chairman Nayib Bukele announced that 500 BTC had been added to the country’s coffers. Bukele has been criticized for directing El Salvador to BTC after the turmoil in the BTC market. The country currently has 2,301 Bitcoins purchased for a total of $30,744. With the leading cryptocurrency falling to $21,178, El Salvador faced losses exceeding $22 million.
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