It seems like the most dominant cryptocurrency is everywhere today on our DC Forecasts Bitcoin news site, mostly because of its new drops and tough times. However, for one analyst at Bloomberg, the downward trend is not over yet – and the flagship cryptocurrency (Bitcoin) may be possibly heading towards $1,500.
In a difficult year overall for the crypto market, Bitcoin has reached a yearly low this November and is currently in bearish action. It dropped more than $200 today only, and is now trading at around $3,800 in a two-day decline.
The new report released on Bloomberg yesterday puts the technical analyst Mike McGlone in the focus, explaining that Bitcoin is “currently stuck in stiff downward momentum.”
After seeing many chart indicators, McGlone believes that the downtrend is strong and a possible price target of $1,500 is realistic for Bitcoin. Hitting that price would obviously mean that Bitcoin has to fall by 60% from the current levels – which are already down 81% from the all-time high of almost $20,000.
As McGlone said:
“There’s little to prevent fading bitcoin prices from reaching the continuous mean of $1,500 […] A rush to the exits among investors seems to be in place. The hard fork was a key trigger that signaled the technology is way too nascent. You had these dicey characters threatening to destroy each other and institutions said ‘It might be best if we stay away from this for a while.'”
The report also mentioned the recent SEC crackdown on ICOs and the commission’s hesitancy to approve a Bitcoin ETF.
“The trend is lower prices, lower volatility, reduced speculation, and the preponderance of stable coins. There is a need for crypto assets to set a firm price base. Unfortunately, we’re not near that base yet,” McGlone concluded.
No one knows if Bitcoin will be dropping further – but many see a bottom that is possibly higher than $1,500.
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