Dan Morehead: Bitcoin Could Plunge 50% Next Week

posted on

< 1 min

“Bitcoin could plunge 50 percent next week, but the digital currency is likely to rise much higher in the long term,” Dan Morehead, CEO of Pantera Capital, says. “For the big blockchains like bitcoin, ethereum and ripple, we’re in the first innings of a multidecade thing,” he added. Bitcoin is, of course, “a risky investment that could easily plunge 50% next week,” said the former hedge fund strategist.
Morehead, who bought bitcoin when it was less than $100 per unit, predicted that bitcoin in the long term is likely to go much higher than $18,000 per unit.

“And there’s going to be some ups and there’s going to be some downs, but we’re still really early.”

Bitcoin could be “down 50 percent next week … where it was a month ago,” Morehead said. But in a year, “it’ll be much higher than it is today.”
Morehead began his career at Goldman Sachs as a mortgage-backed security trader, talks about bitcoin as “Digital gold.”
[cta_en link=”http://bit.ly/2uF1uYS” name=”Trade on BTC/USD now”][/cta_en]

general risk warning

CFDs are complex instruments and entail a high risk of losing money rapidly due to leverage.

83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

NOTE: This article is not an investment advice. Any references to historical price movements or levels are informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future. Information regarding past performance is not a reliable indicator of future performance. Forecasts are not a reliable indicator of future performance. In accordance with European Securities and Markets Authority's (ESMA) requirements, binary and digital options trading is only available to clients categorized as professional clients.


Click the wheel of fortune to get a random post!

An Important Vote Sparks a Rally in the Euro

you may also like