Cool like the eve of the 1929 stock market crash? Capital Management Giant Kingmaker: Bitcoin Could Fall Below $30,000 This Year!

If Bitcoin follows this pattern, it is likely to fall to between $34,000 and $37,000 by October of this year, but Paul Jackson feels that a more dramatic drop is entirely possible, with Bitcoin likely to fall below $30,000.

In addition to Kingmaker Group, a growing number of investors are worried about the future of cryptocurrencies led by bitcoin.

In a report released last week, investment bank UBS explored whether the cryptocurrency space is headed for a cold winter - where prices fall sharply and cannot be repaired for more than a year.

In a media interview, Antoni Trenchev, founder of cryptocurrency trading platform Nexo, argued that a Fed rate hike could lead to a drop in bitcoin, with the price nadir near $30,000.

Since hitting an all-time high of $69,000 in November 2021, the price of bitcoin has fallen and is now priced at around $42,000.