Bitcoin could plunge even further to a low of $13,000, one strategist warns

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If crypto’s past bubbles are anything to go by, bitcoin could be about to fall much further. That’s according to one strategist, who warns the world’s top cryptocurrency is likely to tank as low as $13,000 — an almost 40% drop from current levels. “We would still be selling these kinds of cryptocurrencies into this environment,” Ian Harnett, co-founder and chief investment officer of Absolute Strategy Research, told CNBC’s “Squawk Box Europe” Tuesday. “It really is a liquidity play. What we’ve found is it’s neither a currency, nor a commodity and certainly not a store of value.” Explaining his bearish call, Harnett said past crypto rallies show bitcoin tends to fall roughly 80% from all-time highs. In 2018, for instance, the cryptocurrency plummeted close to $3,000 after hitting a peak of nearly $20,000 in late 2017.