Investment management firm, Invesco, is forecasting a bitcoin bubble burst this year over what it termed as a reduced interest from investors.
The Atlanta-based company projects bitcoin to go below $30,000 in a culmination of a series of bubbles in the past two years.
The report was released as a series of 10 improbable but possible 2022 outcomes that compares the burst to the 1929 crash.
The projection adds that the mass marketing of the digital asset has lost momentum, citing the volatility that was seen in 2021.
Invesco made a similar prediction that bitcoin would plunge to $10,000 last year, but instead, the digital asset jumped to $68,000 ATH.
The investment firm continues to work on several cryptocurrency-related products like its Invesco Alerian Galaxy Economy ETF, despite its bleak outlook on the asset.
Bitcoin is down about 3% in the past day to trade at $41,800, a 10% drop on a year-to-date basis.
Source: Invesco