Yikes. As reported on CCN.com, Anthony Pompliano, founder and partner of Morgan Creek Digital Assets, has predicted that bitcoin could fall as low as $3,000. Pompliano made a prediction in January of a $50,000 year-end bitcoin price, which he later stated in a post was wide of the mark by as much as four years. Though Morgan Capital Management founder Mark Yusco predicted a bitcoin year-end price of $25,000, followed by a price exceeding $500,000 by 2024. Can you imaging that?! The reversal in the optimistic viewpoint of Pompliano was due to looking into the data – as numbers do not lie.
Referencing his earlier predictions he says:
“It is never fun to admit that you were wrong about something you said publicly. However, it is important to constantly test your own assumptions and beliefs. As I’ve tested myself over the last few weeks, it became obvious that I needed to gather better data and rebuild the prediction model.”
In Pompliano’s view, a review of available data suggests a number of unpleasant outcomes, notably that the price of bitcoin is more likely to hit $3,000 in the short term than anywhere near $10,000, which means that there is still a price decline of roughly 50% ahead.
Concluding, Pompliano reiterated that he still believes bitcoin will hit $50,000, albeit in 2022 or 2023. His advice to investors is to buckle up and prepare for the worst while doing their own research in the interim.
Excerpts are from CCN.com