Bloomberg Intelligence: Bitcoin Price Could Fall to $1,500
The cryptocurrency market is in the doldrums after experiencing a period of stability and low volatility in the past two months. Bitcoin’s price plunged to the lowest level in the last 12 months while the total cryptocurrency market slumped below the $200 billion mark. Altcoins have also lost billions of dollars during the last week amid the bearish cycle across the industry.
Bloomberg Intelligence, unfortunately, expects more pain for bulls; they expect the largest coin to stand around the $1,500 level in the following days. BTC has already lost 70% of value since the start of this year.
Bloomberg Intelligence analyst says, “The slump was sparked by the pump for the Bitcoin Cash hard fork. That pump that 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.”
The decline in crypto markets was originally fueled by traders’ concerns over the Bitcoin Cash hard fork event. The poor earnings report from NVIDIA has added to the slump in cryptocurrency markets.
NVIDIA expects poor sales from crypto mining businesses, which is an indication that crypto markets are softening and cooling.
“The drop in the stock price of Nvidia is reflective of a future where cryptocurrency fueled demand has cratered,” saidPeter Mallouk, president and co-chief investment officer of Creative Planning, in an email. “While this is, of course, bad news for Nvidia, it is really the canary in the coal mine for Bitcoin and other cryptocurrencies.”
Besides from Bloomberg Intelligence, several other analysts have also been predicting a huge loss for cryptocurrency markets in the coming days. The lack of store value and potential to work as a medium of exchange are raising analysts’ concerns over the crypto coins. Some analysts are also criticizing digital currencies due to the lack of the fair value concept and low regulatory requirements. Bill Gates, for instance, claims the crypto market would eventually crash at any time in the future; the business icon says crypto coins are working as the best medium of exchange for illegal businesses.
Can Bitcoin Price Fall to $1,500?
Bitcoin has already lost a huge amount of value since the start of this year. It isn’t out of context that BTC could fall to the $1,500 level, as retail and institutional investors are hesitant to put their money in the emerging market. The crypto market cap is declining, and volumes are shrinking over the past 11 months; the market is desperately waiting for the inflow of big investments to create a bull-run.
What’s your price prediction for the Bitcoin price, both in the short and long-term? Express your opinion in the comment section below.