Louis Navellier, Chairman and Founder of Navellier & Associates, a fund manager, said he identified two head-and-shoulder formations on the bitcoin chart that he believed would suggest bitcoin would fall below 10,000 dollars.
Navelier says that when he asks investors why they are investing in bitcoin, it is most often due to the fact that the cryptocurrency rate has been increasing.
If they bought bitcoin just because it was going up, they will probably sell it as well because it is going down. I think a break below $ 30,000 would lead to a major decline as the vast majority of trading in 2021 was above this level, which would lead to what traders call “overhead.”
Louis Navelier
According to the expert, “when bitcoin crashes this time, it will be a very hard fall due to the large number of individual investors.”
Bitcoin dropped below $ 30K earlier in the week, but is now trading around the $ 33K mark. The Bitcoin bubble is also expected to burst by Bank of America and Robert Kiyosaki.
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