George Galoyan, a well-known crypto-expert, analyst, regular speaker of specialized events, head of startup entrepreneurship of Armenia's Blockchain Association, and founder of decentralized autonomous venture ecosystem DAO.vc, predicted that bitcoin would fall to the $20,000 mark back in January of this year. At that time, in the media, George made a statement that he expects the price of the main cryptocurrency to fall to a minimum of $20,000. After that, according to his forecast, the rapid growth of the asset's price will begin. Thus, on Monday, June 13, the bitcoin price fell to $24,122 and continues to decline.
“I do not know whether the value will actually reach $20,000 or not, but in January I have repeatedly said that in the next few months the price will roll back to this mark. Then everyone was speculating about the math and patterns, and that we would never see those numbers again (remember, Bitcoin was at $40,000-50,000 at the time, and my opinion was considered one of the least popular). Already today, Bitcoin is worth about $24,000, and it is likely that the price will go down by a few thousand more”, said George Galoyan.
According to George Galoyan, in the next few months, the market expects an uptrend, and the value of Bitcoin will begin to increase.
“We observe cyclicality in the price formation processes for cryptocurrencies. If you look at previous years, you can see that in June 2020 the drawdown was about 10%, from $9890 to $9000. In June 2021, the price dropped from $56,000 to $27,000. Now the cycle is repeating itself. In the short term, there are two possible developments. By the end of the year, Bitcoin may break through ATH, in case we see an altcoin season in the fall. If it will not be, it is likely that it is a transition to a long-term bearish trend until the next high-profile trends,” says George Galoyan.
Recall that earlier George Galoyan had predicted the dawn of the DAO era and the flowering of the NFT market.