The CEO of ADVFN, Clem Chambers, has recently stated that Bitcoin could still plunge significantly to a mark as low as $7,000. In an interview with Stansberry Research, Clen Chambers claimed that Bitcoin always repeats its pattern, which is based on its halving event every four years.
Clem Chambers of ADVFN Says Bitcoin Will Go Further Low
Discussing the cycle of price movements of Bitcoin, that the flagship cryptocurrency keeps on repeating, he said:
“It goes up like a rocket. It comes down like a rock…It’s the same cycle. It’s the same audience. It’s the same driver, and therefore it’s the same pattern.”
In addition to this, Clen mentioned that Bitcoin can plunge further low and may find a support level at the mark of $7,000 during a succumbing phase.
However, he cleared that the duration of Bitcoin remaining at this level would be low, and it will start retaliating from there as it does always.
Moreover, with the recent crash and dark clouds on the head of Bitcoin, Chambers says that this is the best time to start accumulating Bitcoin.
Well, those investors who invested their money in the top cryptocurrency at the level of $60K, will have to wait a bit longer.
Elon Musk and China’s Influence on BTC Price
Thrashing the comments of the CEO of Tesla and China crackdown on crypto and Bitcoin mining business, Clem said the price movements are due to technical reasons and people should ignore other factors such as comments from Elon Musk and China crypto crackdown as noise. He said:
“But people want to stick it on somebody, and they want to stick it on some kind of catalyst.”
Clem Chambers recent prediction regarding the price of Bitcoin may synchronize with the alike prediction by Scott Minerd, who is the CEO of Guggenheim.
Scott predicted that the level of $10,000 would be the real bottom of Bitcoin.