Former Grayscale Director Predicts Bitcoin Price Drop to $52K

• Bonello indicated that the current adverse swing in Bitcoin’s price would lead to a huge fall.
• In addition, the ex-Director of Grayscale expects ETF activity to skyrocket this year.

Former Grayscale Investments director Phil Bonello has lately shook up the cryptocurrency world with a slew of comments and forecasts about Bitcoin’s future. Furthermore, he provided comments about the wider cryptocurrency industry. Bonello indicated that the current adverse swing in Bitcoin’s price would lead to a huge fall.

Among the many important things that Bonello made in an X post was the possibility that Bitcoin may fall to $52,000. Concerns about inflation, trends in government expenditure, and the success of competing cryptocurrencies were among the reasons he gave. In addition, Bonello highlighted the increasing inflation as a major worry.

Far-reaching Effects

Moreover, the crypto market is anticipated to be affected by the Yen’s unpredictability and the persistent geopolitical tensions. He pointed out that government expenditure seems to be heading in a certain direction, which might have far-reaching effects for Bitcoin and the cryptocurrency market in the future.

Bonello brought attention to the recent steep declines in the value of altcoins, noting that some of them have fallen by more than 50% and are now hitting support levels. Even if Bitcoin ETF flows are sluggish, he is confident in BTC’s ability to absorb these swings. In addition, the ex-Director of Grayscale expects ETF activity to skyrocket this year.

Furthermore, Bonello said that the public’s interest in Bitcoin has reverted to levels seen at the $50,000 price mark, indicating a significant decline. He went on to say that funding, basis, and skew are just a few market indicators that seem neutral right now. At the time of writing, Bitcoin is trading at $63,339, down 1.02% in the last 24 hours as per data from CoinMarketCap.

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