Dan Dolev (Dan Dolev), an analyst at Mizuho Securities, said that concerns about missed opportunities (FOMO) drove the price of Bitcoin up, but now as enthusiasm subsides, the price of Bitcoin may fall back to a level close to $30,000.

In an interview last Friday, he warned investors not to chase Bitcoin's latest gains. Since the beginning of this year, the price of this cryptocurrency has surged 48% to a record high.

Doleev warned that as interest in the world's largest cryptocurrency is about to wane, it could cause its price to drop to $30,000, or more than 50% from current levels. He also added that in the next “ice age” of cryptocurrencies, the price of Bitcoin could eventually drop to $20,000, or about 68% from current levels.

Doleev said, “Bitcoin is currently performing well, but I still think that in the long run, it has no earnings support; it is basically just driven by FOMO sentiment, so I think it will eventually fall. I personally think it's really worth nothing.”

Bitcoin prices have continued to rise in recent months due to the approval of the listing of nearly a dozen spot Bitcoin ETFs in January, which stimulated demand, the “halving” incident and the prospect of the Federal Reserve cutting interest rates this year.

However, as inflation data is higher than expected, market expectations for the Fed to cut interest rates have been drastically lowered, which means that policymakers seem prepared to maintain high interest rates for a longer period of time to fight inflation. According to the Chicago Mercantile Exchange's FedWatch tool, the market currently anticipates an 84% chance that the Fed will cut interest rates twice or less this year.

Meanwhile, Bitcoin's safe-haven properties seem to have dimmed. In the early morning of April 14, local time, after Iran launched a large-scale attack on mainland Israel, cryptocurrencies dived in response. Bitcoin plummeted by more than 6,000 US dollars and plummeted 8% during the day.

Doleev's predictions are in stark contrast to those of Bitcoin bulls, who believe Bitcoin has more room to soar this year. Analysts at Bernstein (Bernstein) recently predicted that Bitcoin's previous rebound indicates that by mid-2025, Bitcoin may rise to a high of $150,000, which means that the price of Bitcoin will rise 129% from current levels.

In theory, the arrival of the “halving” event will also drive up the price of Bitcoin. According to foreign media data, the price of Bitcoin soared by 8691% in the year of “halving” in 2012, soaring 295% after “halving” in 2016, and soaring 559% after “halving” in 2020.

However, Jehan Chu, founder of venture capital firm Kinetic Capital, warned: “Global geopolitical instability and continued inflation continue to hinder the overall bull market, so the price of Bitcoin stabilized during this halving event.”

Editor/Jeffrey