The price of Bitcoin may fall to $ 8,000

 The price of Bitcoin can hit up to $ 8,000

Bitcoin 

After last week’s crash, cryptocurrency investors probably don’t want to hear any more disappointing names. Unfortunately, one stock analyst believes that bitcoin may be lower than ever before. 'A Great Underground Room' "If you drop below $ 30,000 [dollars] regularly, 8,000 [dollars] is the lowest, so I think we have a big downside, especially as the Fed imposes restrictions," said Guggenheim Chief Investment Officer Scott Minerd. On Monday, May 23, Minerd spoke with Andrew Ross Sorkin of CNBC's "Squawk Box" during the World Economic Forum in Davos, Switzerland. Minerd said bitcoin could fall sharply and fall to $ 8,000 from its current levels, more than 70% falling to its latest $ 29,253. Bitcoin has dropped by about 58% since Nov. "I don't think we've ever seen a prominent crypto player," he said, adding, "Most of these investments, not investments, are a waste." Minerd also compared the current situation with the dotcom bubble in the early 2000's. Scroll to continue TheStreet recommends "We'd be talking about Yahoo and America Online having a terrific deal together if we were sitting here on the internet," he remarked."On the other hand, we couldn't say if Amazon or Pets.com would win." "I don't think we have the right prototype yet," he said, adding that the money needed to keep the amount, would be a form of exchange and a unit of account. 'I'm reluctant to buy a dip' Cryptocurrencies suffered the most when the stablecoin UST or TerraUSD and its token sister Luna were blown up. Edward Moya, Oanda's top US market analyst, said bitcoin prices remain weak despite a wide-ranging risk meeting on Wall Street. Many bitcoin traders appear to be afraid of buying a drop," he remarked. Spirit noted that European Central Bank President Christine said crypto currency was "useless". "Considering how far away we are from the euro or digital dollar," Spirit added, "any central bank head is unlikely to authorize bitcoin or other high-value currencies."It appears that bitcoin will not attract significant investment until investors believe that most of the major banks are nearing the conclusion of their consolidation cycle." He added that bitcoin will come together when Wall Street believes the Federal Reserve will lower prices on foot if it is close to 3.00% and after that the ECB will eventually issue prices in the wrong place. "Bitcoin will always be the most difficult trade possible all summer, but it should get its mojo after the inflation rate worsens," he said.