Ex-Grayscale Director Warns Bitcoin Price Crash Το $52000.

Former Grayscale Director Phil Bonello recently offered insights on the Bitcoin price trajectory and he envisions a crash to the $52,000 level.

Phil Bonello, former director at Grayscale Investments, has recently stirred the crypto community with a series of predictions and observations regarding the future of Bitcoin (BTC). In addition, he offered insights about the broader crypto market. Moreover, Bonello hinted at a massive correction in the Bitcoin price owing to the recent bearish turn.

Will Bitcoin Price Dip To $52,000?

In a post on X, Bonello outlined severa

key points, including a potential 20%

chance of Bitcoin dropping to $52,000.

He cited various factors such as

inflation concerns, fiscal spending

trends, and the performance of

alternative cryptocurrencies.

Moreover, Bonello emphasized the

growing inflation as a significant concern.

In addition, the ongoing geopolitical tensions and the Yen's instability is expected to impact the crypto market. He noted that fiscal spending appears to have a clear trajectory, hinting at potential long-term implications for Bitcoin and the crypto market as a whole.

Regarding altcoins, Bonello highlighted their recent significant drops, with many having already plummeted by over 50% and subsequently retesting support levels. Despite weak Bitcoin ETF flows, he expressed confidence in BTC's resilience in absorbing such movements. Furthermore, the former Grayscale Director foresees a substantial increases in ETF activity as the year progresses.

In addition, Bonello pointed out that open interest in Bitcoin has returned to levels seen when the price was at $50,000, signaling a huge drop. He also noted that various market indicators, such as funding, basis, and skew, currently appear neutral.

BTC Plunges To $62,000 Level.

The Bitcoin price lost momentum and extended below the $63,000 mark today. At press time, the BTC price crashed 2.39% to $62,909.50 on Saturday, April 27. Whilst, the crypto boasted a massive market cap of $1.23 trillion.