Ian Harnett, co-founder and chief investment officer at strategic research firm Absolute, warned that cryptocurrencies are on the brink, noting that Bitcoin could be on the verge of collapse much further.

Sharp drop in bitcoin

The strategist says that the world's top cryptocurrency is likely to witness a sharp decline, as it could touch the $13,000 level, explaining that this drop represents about 40% of the current levels.

Harnett added, during an intervention with CNBC, that despite that these types of cryptocurrencies will be sold in this environment, the matter is in fact a “liquidity game”, noting that the matter is neither a currency nor a commodity nor a store of value. .