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.
Bitcoin Investing: Over 50% Of Retirees In US Are Crypto-Aware
- I know bitcoin is, but am not interested in investing - 56.7%
- I already own some bitcoin - 2.7%
- I have no idea what bitcoin is - 32.9%
- I know bitcoin but don’t know how to invest - 3.4%
- I’m keeping an eye on it - 4.3%
“This audience represents some low-hanging fruit for the Bitcoin community to go after. Retirees are always interested in alternative assets that can help diversify their portfolio against market fluctuations.” “The IRS approving cryptocurrency IRAs is an indication that retirees are increasingly interested in including some cryptocurrencies in their retirement accounts.”For now, US retirees are active in traditional investments such as stocks, bonds and real estate - while Bitcoin investments are still on the rise. In contrast to them, millennials are far more open-minded when it comes to embracing new asset classes, as many best cryptocurrency news sites have reported. Baby boomers, on the other hand, are somewhere in the middle.
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“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”He also went on to add that "crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs," saying that he believes that the current Bitcoin price analysis shows that just like other classes, BTC faces a slow and painful path to recovery. Featured on many best cryptocurrency news sites, Dennean's statement also likened the Bitcoin price "bubble" to the 1929 Dow Jones collapse, suggesting that it might take slightly more than two decades for the dominant cryptocurrency to reach its highs in the likes of $20,000.
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past,"In his Bitcoin price analysis, Dennean said:
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past."He also compared the rapid rise and fall of the Bitcoin price and warned the public:
"Maybe crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs."In line with the coming altcoin news which see a lot of coins as idle, the latest Bitcoin price analysis shows that there could be a possibility for a bullish run for BTC in the future - and all of this alone gives hopes to many traders and BTC price believers.
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