Leading CEO predicts Bitcoin plunge before end of year

Bitcoin is heading to $7,000 in the short term despite being bullish over the next 18 months, according to the CEO of Panxora, Gavin Smith

Bitcoin is in the midst of one of the most stagnant periods of price action over the past few years, but Panxora CEO, Gavin Smith, believes a major correction to the downside is on the cards before the end of the year.

According to a statement published in Finder’s 2020 cryptocurrency predictions, Smith claimed that while Bitcoin is bullish from a macro perspective he believes it will be valued at around $7,000 by the end of the year.

His comments are a stark contrast to those made by other respondents to Finder’s survey, with the likes of Jimmy Song predicting a bullish outcome following the halving and investment from Paul Tudor Jones.

“On the positive side, there is a long-term inflation outlook caused by the global increase of liquidity provided by central banks. On the negative side, the global economy has been hit by a significant negative demand shock caused by COVID.” Smith began by stating.

He added: “Our view is that there will be a short-term significant decline in the value of Bitcoin as the deflationary demand shock filters through. However, looking out 18 months, we believe this will be replaced by a strong rally as the inflationary ramifications of central bank actions start to take hold.”

The survey found that 50% of participants would buy Bitcoin in its current position while 18% would sell and 32% would hold.

Somewhat surprisingly, the average Bitcoin price prediction for December of this year was $12,948, which would mark a 38% rise from its current position.

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