In a recent analysis on the trend of the Bitcoin price, former Grayscale Director Phil Bonello predicted a collapse to $52,000.

Recently, the cryptocurrency community was agitated by a number of forecasts and observations made by Phil Bonello, a former director at Grayscale Investments, about the future of Bitcoin (BTC). He also shared his knowledge of the larger cryptocurrency sector.

Furthermore, given the recent bearish trend, Bonello alluded to a significant decline in the price of Bitcoin.

Will $52,000 Be The Price Of Bitcoin?

In a post on X, Bonello outlined several key points, including a potential 20% chance of Bitcoin dropping to $52,000.

He cited various factors such as inflation concerns, fiscal spending trends, and the performance of alternative cryptocurrencies. Moreover, Bonello emphasized the growing inflation as significant concern.

In addition, the ongoing geopolitical tensions and the Yen’s instability is expected to impact the crypto market. He noted that fiscal spending appears to have a clear trajectory, hinting at potential long-term implications for Bitcoin and the crypto market as a whole.

Regarding altcoins, Bonello highlighted their recent significant drops, with many having already plummeted by over 50% and subsequently retesting support levels.

Despite weak Bitcoin ETF flows, he expressed confidence in BTC’s resilience in absorbing such movements. Furthermore, the former Grayscale Director foresees a substantial increases in ETF activity as the year progresses.

In addition, Bonello pointed out that open interest in Bitcoin has returned to levels seen when the price was at $50,000, signaling a huge drop. He also noted that various market indicators, such as funding, basis, and skew, currently appear neutral.

Moreover, Michaël van de Poppe, a crypto analyst, offered a bearish outlook on Bitcoin, which is in lign with Bonello’s analysis.

Poppe suggested a prolonged period of slow sideways movement for the next 3-6 months. In addition, he hinted at further corrections in the Bitcoin price. Meanwhile he anticipates stronger performance from altcoins.

BTC Plunges To $62,000 Level

The Bitcoin price lost momentum and extended below the $63,000 mark today. At press time, the BTC price crashed 2.39% to $62,909.50 on Saturday, April 27. Whilst, the crypto boasted a massive market cap of $1.23 trillion.

In the midst of the downturn, Bitcoin's 24-hour trading volume fell 24.62% to $23.39 billion.

Furthermore, with $34.68 million in liquidations, longs accelerated the decrease in the price of Bitcoin, according to Coinglass. This is an astounding 82% of the $42.19 million in liquidations that have been reported during the last 24 hours.

Since March 14, there has been a noticeable decline in Bitcoin whale activity, according to cryptocurrency expert Ali Martinez. It might have also played a role in the downward trajectory of Bitcoin's price.

Moreover, the expert cautioned that a spike in whale transactions might start a Bitcoin price boom.