The state of the global economy and investor concerns continue to put pressure on the Bitcoin price. The leading crypto has lost a lot of value in recent months and expectations are that the worst is not over yet.
Bitcoin and altcoins poised for the worse
Senior value investor Mohnish Pabrai told CNBC that cryptocurrencies will eventually fall to “zero.” Bitcoin bulls have not been able to hold the $30,000 support, although they have held on for the past few weeks. Market participants expect a recovery after months of blood loss. However, some experts warn that a deeper sell-off is possible.
Recent statements are not the first time Mohnish Pabrai has targeted cryptocurrencies. Speaking on the Everything Money podcast last December, the famous investor interpreted the rapid addition of new cryptocurrencies to the crypto market as a danger. Pabrai, who once spent $650,000 on a charity dinner with famous investor Warren Buffett, predicted at the time that the crypto industry would suddenly go to zero and “hurt a lot of people.”
Warren Buffett still hates cryptocurrencies
Berkshire Hathaway CEO Warren Buffett has long mocked cryptocurrencies for their lack of value and high volatility. The 91-year-old billionaire investor recently reiterated that cryptocurrencies are worthless. He added that even if he was offered all the Bitcoin on the market at $25, he would not buy it.
Meanwhile, Buffett vice president and Berkshire Hathaway vice president Charlie Munger previously claimed that Bitcoin is “worthless and likely to still go to zero.” Buffett and Munger’s hatred for Bitcoin is not surprising to many. A significant portion of Berkshire Hathaway’s assets and Munger’s portfolio are major financial institutions and payment providers such as Bank of America, Wells Fargo, Visa and Mastercard, businesses that crypto is most targeted to disrupt.
So, is the situation really that bad for Bitcoin?
Bitcoin price approaches its lowest weekly close since 2020
BTC price action needs to close above $29,500 to avoid touching bottoms on the weekly chart. Bitcoin slumped to two-week lows on June 11 as the week ended in bears’ control. Data from TradingView saw Bitcoin hit $28,528 on the Bitstamp exchange, its lowest level since May 28.
Meanwhile, analysts are updating their BTC price predictions. Taking a look at the current price action, Twitter analyst Crypto Tony says:
When Bitcoin drops to $22,000 – $24,000, they’ll demand lower. Don’t be too greedy when the time comes.
Meanwhile, popular Twitter account PlanC said, “On the current macro backdrop, it doesn’t matter how many charts converge to show that we’ve reached historically oversold levels.” “Inflation hasn’t peaked and neither has Bitcoin risen,” said Michael Saylor, CEO of MicroStrategy, in a more hopeful way after the data crackdown.
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