Expert warns of Bitcoin slipping toward $20,000

Michael Kramer, founder of asset-management firm Mott Capital Management, has expressed concern about a potential drop in Bitcoin toward the $20,000 level.

Watching #bitcoin $btcusd here for potential breakdown. Very good leading indicator for risk assets in general. A breakdown is not a positive for #stocks pic.twitter.com/HEdgXe2nEH

— Michael J. Kramer (@MichaelMOTTCM) May 21, 2023

In his view, Bitcoin is a very good leading indicator for high-risk assets in general. Therefore, the expert believes that a decline in digital gold would be a negative factor for the stock market.

In late April, the price of Bitcoin reached levels above $30,000, but could not sustain them. At the time of writing, the price is once again attempting to settle above $27,000, up 1% for the day (CoinGecko).

In March, influential figures surveyed by CNBC demonstrated bullish sentiment regarding Bitcoin. According to their forecasts, this year the asset could test the previous high and even reach $100,000.

In the run-up to that level, but over the next 12 months, expressed confidence by Messari founder and CEO Ryan Selkis.

Standard Chartered analysts pushed the milestone of Bitcoin reaching $100,000 to a later date — by the end of 2024.

Confidence that the industry will soon see this price was expressed by the author of the bestseller “Rich Dad Poor Dad” and entrepreneur Robert Kiyosaki.

criticized a bolder forecast — $1 million per bitcoin in the near term.

However, ARK Invest believes that prices will even surpass this level by 2030.