Atlas CEO predicts that Bitcoin will first plummet by 70% before rising to 500,000 dollars

According to CoinDesk, Reza Bundy, CEO of Atlas Capital supported by "Dr. Doom" Nouriel Roubini, warned that Bitcoin could drop 70% to the range of $26,000 to $30,000 within six months, before rebounding to $150,000 to $500,000 over the next few years. Bundy's pessimistic forecast is based on data analyzed together with Roubini. Roubini accurately predicted the 2008 subprime mortgage crisis and has been bearish on Bitcoin for a long time.

Bundy believes that Bitcoin has failed as an inflation hedge and is currently just a highly volatile risk asset, fluctuating in sync with tech stocks. However, Bundy still believes in Bitcoin's value storage properties, with a long-term bullish outlook based on four economic scenarios: if the global economy grows steadily, Bitcoin will reach $150,000 to $250,000; if governments print money to pay off debts leading to high inflation, Bitcoin will reach $250,000 to $500,000; under global conflict, it will prove its safe-haven value; if a deflationary recession occurs, Bitcoin will remain weak until central banks inject liquidity.