In the upcoming days, the price of major cryptocurrency Bitcoin [BTC] might still see harder times ahead. One analyst over at Bloomberg sees the flagship cryptocurrency presumably heading towards a much lower benchmark at $1,500 USD.
Indeed, Bitcoin [BTC] had a very disappointing time in Nov., as a part of the most toughest year overall for the whole crypto market. Though for today, it seems that the selling has resumed. Bitcoin has dropped nearly $300 USD already, from simply over $3,900 USD all the way down to ‘$3,653.14 USD‘ as at the time of reporting.
In a ‘report‘ released by Bloomberg today, the technical analyst named ‘Mike McGlone’ explained that Bitcoin [BTC] is presently stuck in stiff following a downward momentum.
According to a chart indicator referred to as the Avg. Directional Index [ADI], BTC is at a peak not seen since July this year. If the indicator is high, it shows high levels of downward trend robustness. McGlone aforementioned that he sees the next upcoming downfall target of $1,500 USD for Bitcoin [BTC]. At this price, it would simply mean another 60% fall from its current price, that is already 81% down from its last year’s uncomparable high price.
“There’s little to stop falling Bitcoin [BTC] worth, from reaching the continual mean of $1,500 USD … A rush to the exits among investors looks to be in situ,” stated McGlone, who fingered the Bitcoin Cash’s [BCH] hard fork and tax-based trading as catalysts for the downward momentum.
“The hard fork was a key trigger that signaled the technology is way too new for everyone. You had these chancy characters threatening to destroy one another and institutions stated ‘It can be the best if we stand back from this for a moment.’”
The Bloomberg report additionally mentions the recent SEC regulations on ICOs and the commission’s hesitancy to approve a Bitcoin ETF.
As reported earlier in Nov, bitcoin dive over 40%, racking up the biggest monthly worth drop for the cryptocurrency within the past seven years.
“The trend is lower prices, lower volatility, reduced speculation, along with the dominance of stable coins,” McGlone added. He indicated the requirement for crypto assets to line a firm price base. But sadly we’re nowhere even closer to the base line.
Other crypto analysts and experts [Anthony Pompliano] also see the further dropping of Bitcoin [BTC] but at a level higher than the $1500 USD base line.
Adding further Anthony stated:
“85% from the incomparable price highs is concerning where we’ll end up. Puts it around $3,000 USD. Came near over the weekend but in a probability a little more to fall.
While on the other side, there’s still other experts [Tom Lee] that still believe the price of Bitcoin [BTC] to hit the $19,000 USD mark.