Crypto Investor, Paschal Offor has warned about the dangers of investing in cryptocurrency, days after bitcoin’s price soared to a new record highs.
The latest warning comes amid renewed investor interest in the space and a recent surge in the price of bitcoin.
Bitcoin has rallied around 300% since October 2020 and has repeatedly reached new record highs in recent weeks. The world’s biggest cryptocurrency topped $41,000 per coin for the first time last week.
Analysts had been warning that a correction was due and the price fell dramatically over the weekend.
Bitcoin has fallen by around 12% over the last 24 hours to trade around the $35,650 mark (BTC-USD).
Mr Paschal Offor, Chief Executive at PassyXchange, described bitcoin’s decline in price(dump) as a “healthy correction”.
Less than 10 days after that prediction, bitcoin has already delivered on the call — rising nearly 40% to break through $40,000 with ease.
As for the rest of the year, however, investors should brace for volatility that could strike with just as much velocity to the downside before recovering in a potential quadrupling, according to Paschal Offor Of PassyXchange.
“Bitcoin prices are likely to find their support between $20,000 to $25,000” before being bullish again, it could even get to $100,000 before the year runs out