Clem Chambers, ADVFN’s CEO, recently expressed that he is expecting Bitcoin’s price to plummet once more this summer.
Following his prediction, Chambers presented two factors which could very well support his statements.
As many else might have noticed, Bitcoin’s price almost always influences the price of altcoins. As of the time of writing, Bitcoin’s (BTC) price is 1.94 percent down, while Ethereum (ETH) is at 3.37 percent. All the rest seem to follow suit, save for some.
But before anyone could make any assumptions, Chambers explained that the relationship is not one-sided, with Bitcoin influencing the others, while the prime crypto is immune to fluctuations that happen to other altcoins.
“Well, there is such a signal and it’s mining rewards. I look at the rewards for the powerful 1080ti Nvidia card to get my guide. Right now it has fallen off the charts. A few weeks back and the card would excavate $3.50 of bitcoin-equivalent altcoins but right now you are lucky to dig $1.50. This is a flashing warning to me as the drop in mining rewards has been faster than the drop in bitcoin’s dollar price and is at the lowest end of the range in the last year.”
In conclusion, he claimed that the chief cryptocurrency is currently “on the ledge of another fall that [Chambers is] expecting this summer to bring the price down to a low from where it bottoms.”
A Repeat of History
Chambers pointed out that, looking in retrospect, wandering back to the bear market isn’t something that’s new for the chief cryptocurrency. In 2013 and 2014, he said that the chart patterns prove a similarity to this year’s.
However, he warned that Bitcoin is probably still not hitting rock bottom just yet. He said that “it is just the beginning, so [we must] look at all the price axis of the previous charts and remember… to the moon.”
Bitcoin has been declared ‘dead’ by mainstream media many times this year alone, and as Chambers warns, another death is soon coming, and we have best brace ourselves when it comes.
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