Analysts at Bloomberg had shaken up things in the crypto market this Sunday. As reported in today’s post on our DC Forecasts Bitcoin news site, Bitcoin can “further fall” according to them and “is no longer boring” as the analysts declared.
First reported by Bloomberg, their approach focuses on the price of Bitcoin and its possibility to fall as low as the $1,500 point which would constitute to another 70% drop in the coin’s price. Citing the hedge fund founder Travis Kling, Bloomberg’s reports say that “he did not sleep well” because of the turmoil in wider crypto markets and the recent Bitcoin Cash hard fork which saw a lot of red on the market.
According to the Bloomberg Intelligence analyst Mike McGlone, the recent market crash “was sparked by the pump for the Bitcoin Cash hard fork.” Bloomberg also reported that the “pump began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good-old days. But this is an enduring bear market.”
As we can all see, the bear market in the crypto industry has affected more than just prices. As the leading global GPU manufacturer Nvidia recently reported, there has been a massive decrease in GPU sales used for mining in the current quarter.
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“Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well. Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
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“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news. In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
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