"Bitcoin Could Plunge 70% Within 6 Months... What About the Long-Term Outlook?"

Atlas Capital CEO Bundy: "If the stock market falls, Bitcoin could suffer twice the losses"

There are predictions that the price of Bitcoin, which has been on a sustained downward trend recently, could fall by as much as 70% over the next six months.

According to CoinDesk on June 5 (local time), Reza Bundy, CEO of Atlas Capital, said, "Bitcoin could undergo a major correction over the next six months," adding, "The decline could be as much as 70%."

CEO Bundy suggested that the price of Bitcoin could drop to the range of $26,000 to $30,000. He argued, "Even if the stock market falls by only half of the level seen during the 2008 financial crisis, Bitcoin could suffer twice as large a loss." CEO Bundy warned, "In the short term, I believe a global financial crisis is imminent," adding, "The stock market right now is a bubble about to burst, just as it was in 1929."

According to U.S. cryptocurrency exchange Coinbase, as of 12:10 p.m. Eastern Time on June 5 (local time), the price of one Bitcoin had plummeted about 6% from the same time the previous day, standing at $59,757. This is the lowest level since November 2024, when U.S. President Donald Trump secured re-election—a time considered a major bullish event for the cryptocurrency market. Compared to the all-time high of $126,210.5 recorded on October 6 last year, it is a steep drop of 52.7%. Meanwhile, the U.S. stock market continues its strong performance on the back of the AI boom, with the S&P 500 index up 10% and the Nasdaq index rising about 19%.

CEO Bundy explained that this outlook is based on analysis he conducted together with Dr. Nouriel Roubini, co-founder and chief economist of Atlas Capital, who is known as 'Dr. Doom.' Professor Roubini, famous for predicting the 2008 global financial crisis, has long maintained a negative view of Bitcoin. Even recently, he referred to Bitcoin as a 'fake asset class' and a 'pure speculative asset,' emphasizing that "it is different from real hedging tools like gold."

CEO Bundy also assessed that Bitcoin is not an inflation hedge but is instead closer to a 'highly volatile risk asset' that shows a strong correlation with tech stocks. However, he maintained an optimistic stance on Bitcoin's long-term prospects. CEO Bundy predicted that Bitcoin would benefit from increasing government debt, monetary expansion by central banks, and weakening trust in fiat currencies, setting a long-term target price range of $150,000 to $500,000.

This content was produced with the assistance of AI translation services.