Bitcoin is in the midst of one of the most stagnant periods of price action over the past few years, but Panxora CEO, Gavin Smith, believes a major correction to the downside is on the cards before the end of the year.

According to a statement published in Finder’s 2020 cryptocurrency predictions, Smith claimed that while Bitcoin is bullish from a macro perspective he believes it will be valued at around $7,000 by the end of the year.

His comments are a stark contrast to those made by other respondents to Finder’s survey, with the likes of Jimmy Song predicting a bullish outcome following the halving and investment from Paul Tudor Jones.

“On the positive side, there is a long-term inflation outlook caused by the global increase of liquidity provided by central banks. On the negative side, the global economy has been hit by a significant negative demand shock caused by COVID.” Smith began by stating.

He added: “Our view is that there will be a short-term significant decline in the value of Bitcoin as the deflationary demand shock filters through. However, looking out 18 months, we believe this will be replaced by a strong rally as the inflationary ramifications of central bank actions start to take hold.”

The survey found that 50% of participants would buy Bitcoin in its current position while 18% would sell and 32% would hold.

Somewhat surprisingly, the average Bitcoin price prediction for December of this year was $12,948, which would mark a 38% rise from its current position.

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