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Bitcoin is currently approaching the 78,000 mark, but I’m not sure how long it will hold. Sean Farrell from Fundstrat warns of a possible crypto crash down to $60,000 – and honestly, that makes sense when you look at the fundamentals.
The problem is: The current rally is mainly driven by financial instruments and massive purchases, around $2 billion in volume. But that’s not really sustainable, Farrell says. Without genuine fundamental support, the price could quickly drop again. The demand is more artificially inflated than organic.
Additionally, geopolitical tensions are gradually decreasing – meaning less flight into safe havens like crypto. The macroeconomic conditions are also not exactly bullish for Bitcoin right now. When you combine all that, a crypto crash could very well be within the realm of possibility.
Farrell hints that we might see a reassessment at lower price levels. That’s a clear signal for me: caution is advised. Anyone looking to enter now should do so carefully and not expect quick profits.