• David Gokhshtein, crypto journalist and entrepreneur, forecasts that Bitcoin (BTC) will hit the $0 mark.
• Gokhshtein’s opinion was instantly met with immense backlash from crypto enthusiasts on Twitter.
• Dogecoin (DOGE) is showing strength against Bitcoin (BTC), however its market price has yet to reflect it.
David Gokhshtein’s Pessimistic Forecast
Entrepreneur David Gokhshtein expects the bearish trend to persist until the leading crypto asset Bitcoin (BTC) hits the $0 mark. After news of Silvergate, a crypto-focused bank, broke and sent the whole crypto market plunging in the early hours of Friday, Mr. Gokhshtein shared his take on the situation via Twitter: „I think #bitcoin is going to $0“. Naturally, his unpopular opinion was met with backlash from crypto enthusiasts on Twitter.
Dogecoin’s Relationship with BTC
What Mr. Gokhshtein did not mention in his Friday tweets is Dogecoin’s relationship with Bitcoin (BTC). The price correlation coefficient between them is just 0.34 which indicates weak diversification. Crypto trader The Doge Coach argued that DOGE/BTC is showing a possibility of a massive breakout which could be considered as a bullish signal for DOGE but its market price has yet to reflect it as at press time DOGE is changing hands at $0.076346 according to CoinGecko with a 4.9% daily decline after dropping by 20.8%.
The Backlash
Gokhenshein’s pessimistic forecast was immediately met with criticism from cryptocurrency enthusiasts on Twitter who accused him of wanting extra views and some even went so far as to joke about getting their McDonald’s application ready while one user tried to counter his statement saying that „the SEC loves BTC“ referring to Gary Gensler’s recent revelation that he’d only consider Bitcoin (BTC) as a non-security; To this Gochshein sarcastically remarked „Apparently; #Bitcoin isn’t going to $0.“ before reinstating his original opinion: „It’s going to zero“.
Conclusion
Although David Gochshein believes BTC will eventually drop down to zero there are still many investors who remain optimistic about its future prospects despite this bearish outlook due in part to Dogecoin’s performance against BTC being seen as a bullish signal for DOGE and SEC Chairman Gary Genler recently claiming he would only consider Bitcoin (BTC) as a non-security which could provide further support for the digital asset moving forward..
Takeaway
Cryptocurrency enthusiast should be aware of both bullish and bearish outlooks regarding digital assets such as Bitcoin and Dogecoin when making investment decisions in order make more informed choices when investing their money into these markets
Cryptocurrency enthusiast should be aware of both bullish and bearish outlooks regarding digital assets such as Bitcoin and Dogecoin when making investment decisions in order make more informed choices when investing their money into these markets