Crypto Investor, Paschal Offor has warned about the dangers of investing in cryptocurrency, days after bitcoin’s price soared to 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 Paschal said.