[Ex-Grayscale Director Warns Bitcoin Price Plunges to $52,000]
Former Grayscale Investments director Phil Bonello recently published a series of views analyzing the future trend of Bitcoin (BTC), which has attracted widespread attention from the cryptocurrency community. He took to social media platform Bonello analyzed inflation concerns, fiscal spending trends and the market performance of other cryptocurrencies, noting that rising inflation is a problem that cannot be ignored.
In addition, he mentioned that continued geopolitical tensions and Japanese yen instability will have an impact on the crypto market. Bonello emphasized that the current fiscal spending shows a clear trend, hinting at the long-term impact on Bitcoin and the entire crypto market.
For other cryptocurrencies, Bonello noted that many have fallen more than 50% and are retesting support levels. Despite weaker Bitcoin exchange-traded fund (ETF) flows, he remains confident in Bitcoin's resilience to absorb market swings and foresees a significant increase in ETF activity this year.
Additionally, Bonello noted that Bitcoin’s public interest has returned to levels seen when the price was $50,000, hinting at the possibility of a significant decline. He also pointed out that multiple indicators in the market are currently showing a neutral state.
Crypto analyst Michaël van de Poppe also offered a similar bearish view, arguing that Bitcoin will experience a prolonged period of sideways movement over the next 3 to 6 months, and hinting that Bitcoin prices may correct further. He expects Altcoins to perform relatively stronger.
