Andrew Kang: We might see Bitcoin drastically pull back to the $40,000 range
BlockBeats reports that on July 4, Andrew Kang, co-founder and partner of crypto risk investment firm Mechanism Capital, posted on social media saying, "Most market participants have not realized the severity of a potential four-month downturn in Bitcoin's volatility range. The closest similar situation we can find was in May 2021 when both Bitcoin and altcoins experienced a parabolic rise.
Here too, the leverage of cryptocurrencies over $50 billion is close to its historical high (excluding CME), but in this case our range time is longer (18 weeks vs 13 weeks) and there has not yet been an extreme washout which we had experienced several times during the bull market from 2020 to 2021.
My initial estimate of a $50k low point may be overly conservative; we might see more extreme pullbacks into the $40k range. Such pullbacks could cause significant damage to the market and it may take several months of oscillation/downtrend (recovery period) before a reversal towards an upward trend could occur."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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