The price of the first cryptocurrency could drop to $30,000 or even $23,000, said Jurrien Timmer, head of macroeconomic research at asset manager Fidelity Investments.
He compared bitcoin price trajectories to investment bank Goldman Sachs' Retail Favorites Index based on stocks popular with retail investors.
According to Timmer, digital gold remains "in an infinite triangle."
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“For me, the $ 65,000 drop seems incomplete. The fifth wave leads to $ 30,000 or even $ 23,000. The analogy with meme-shares fits into this pattern," the analyst wrote.
Timmer added that most of the decline is already "behind us anyway."