The founder and chief investment officer of Absolute Strategy Research Ian Hartnett in his interview to CNBC predicted that bitcoin will continue to fall to the level of $13,000 per unit.

According to Harnett, investors have recently realized that bitcoin cannot be perceived as a full-fledged currency, a commodity or a means of savings. In reality, it is a purely speculative asset.

Harnett also made the argument that on a historical scale, bitcoin usually depreciates by 80 percent of its peak values. Relative to its historical high of $69,000 at the end of 2021, an 80 percent drop in price would mean reaching $13,000.

In recent weeks, the cryptocurrency market has seen a significant decline due to the shift of investors to more reliable traditional assets amid the crisis, as well as the scandal around the TerraUSD stabelcoin, which has lost its peg to the dollar.