Bitcoin (BTC) will go to zero.
That was the call made last Wednesday morning by the chairman of Roubini Macro Associates, Nouriel Roubini.
“In due time Bitcoin will get close to zero. The bubble has already burst and crash as in 6 months Bitcoin has lost almost 80% of its value, from 20K to close to 6k. Another 90% down eventually still to come. Whales are dumping their shit-bitcoin & suckers bagholders already wiped,” the New York University economist — who has been predicting bitcoin’s imminent crash since at least 2015 — wrote in his Twitter account.
From e technical perspective, since the spike in price back on December, bitcoin has been steadily going down. It is now trading just over $6,400. It is down about 17% in the past week, 27% in the past month and 53% year-to-date. The cryptocurrency looks set to extend the decline over the next ten days or so and re-test in the process the key resistance at 6k, which is a strong psychological level. Break below the support could confirm trend extension and establish a downtrend.
It should be noted that while the bears appear to be in control, what is helping them is also bad news that keeps hitting the world`s number one crytocurrency. From a June 11 report by Bloomberg, BofA (NYSE:BAC), Citigroup (NYSE:C) and J.P. Morgan (NYSE:JPM) said they would no longer allow the cryptocurrency to be bought with their credit cards.
A survey conducted by student loan marketplace LendEDU found that roughly 18% of Bitcoin buyers used a credit card to fund their purchases. While this isn’t overwhelming percentage-wise, the ban on using them could put a dent in demand.
As of writing, BTC is changing hands at $6,450 on coinmarketcap.com – almost flat in the last 24 hours.