No ‘Bottom’ Yet—Rockefeller Chairman Issues Worrying Crypto Price Prediction As Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Crash Back


Bitcoin
BTC
, ethereum and other major cryptocurrencies have crashed back this week, following stock markets lower as recession fears continue to emerge and traders brace for a seismic “black swan” event.

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The bitcoin price has crashed back under the closely-watched $20,000 per bitcoin level while the ethereum price has again come within touching distance of $1,000 per ether. Other top ten cryptocurrenceis—BNB
BNB
, XRP
XRP
, cardano, solana and dogecoin—have also lost ground after a brief rally through the first week of July.

Now, following crypto billionaire Sam Bankman-Fried making a stark crypto “crash” warning, the managing director and chairman of Rockefeller International, Ruchir Sharma, has warned the bitcoin price could see further declines over the next few months.

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“I’m not willing to call the [market] bottom as of yet on bitcoin and cryptocurrencies,” Sharma told Coindesk, pointing to previous bear markets going on for around a year and wiping away more stock market value than this one has so far.

“The U.S. bear market regime, which is the driver of risk appetite around the world, is still very much in play.”

The bitcoin price has already lost some 70% of its value but lost 90% during the 2018 bear market that followed bitcoin topping $20,000 for the first time in late 2017. Other major cryptocurrencies, such as ethereum, BNB, XRP, solana, cardano and dogecoin, have seen steeper declines than bitcoin over the last few months.

However, despite warning there could be more pain for the bitcoin and crypto market in the short term, Sharma is confident bitcoin will emerge as a “more stable asset” over the next “three to five years” and could potentially challenge the U.S. dollar as the world’s default currency.

“The dependence on the U.S. dollar in general cannot continue,” Sharma said. “There is a need for having another currency out there with some transactional need, which is a bit more stable in value.”

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Meanwhile, despite a raft of dire warnings, bitcoin and cryptocurrency holders feel upbeat about the next few months.

Crypto owners expect bitcoin to bounce back to around $38,000 before the end of 2022 according to a survey of roughly 4,400 U.S. adults conducted by intelligence company Morning Consult that found the average crypto owner remains highly optimistic about a bitcoin rebound despite the recent price crash.



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