Bitcoin (CRYPTO: BTC) has not yet reached its bottom and could fall below $50,000 if tight liquidity conditions and unfavorable debt refinancing rates persist, according to veteran industry expert.
BTC To $50,000?
In an interview with David Lin on June 29, Richard Smith, executive director of the Foundation for the Study of Cycles, said Bitcoin remains in the middle of a broader correction driven by weakening global liquidity and a rotation out of financial assets.
"We’ve had a pretty reliable forecast of Bitcoin for several years now," Smith said, arguing that the current downtrend is consistent with historical cycle behavior.
"I absolutely expect Bitcoin to be below $50,000."
