Keep selling crypto as Bitcoin could go to $13,000 - Absolute Strategy Research

Analyst Ian Harnett said Wednesday that Bitcoin (BTC-USD) could fall as low as $13,000 as the selloff in the cryptocurrency market is likely to continue, with the Federal Reserve and other central banks tightening policy to fight inflation. "We would still be selling these kinds of cryptocurrencies into this environment," the co-founder and chief investment officer of Absolute Strategy Research told CNBC. Harnett called cryptocurrency a "metaphor for liquidity," arguing that the asset class was pumped up by the stimulus flooded into the system during the pandemic. Now that the Fed and other central banks have begun to raise interest rates and remove other stimulative measures, that liquidity has been removed. "It really is a liquidity play," he said. "What we've found is [cryptocurrency is] neither a currency nor a commodity, and it's certainly not a store of value." Describing 2021's action in Bitcoin (BTC-USD) as "a bubble," Harnett contended