According to the latest analysis, Bitcoin is currently caught in a strong selling trend. Prices for Bitcoin and other cryptocurrencies are likely to weaken. The largest cryptocurrency slumped almost 5 percent to around $3,700 on Thursday, approaching the more than one-year low of $3,522.58 reached on Nov. 26.
Bitcoin (BTC) may fall to around $1,500, said Bloomberg Intelligence analyst Mike MCGLONE. That would imply an additional drop of 60 percent in Bitcoin’s price from its current level of $3,730. Bitcoin has fallen close to 80 percent from its December 2017 record high when it hit almost $20,000.
“The trend is lower prices, lower volatility, reduced speculation, and the preponderance of stable coins,” said McGlone. Unfortunately, “we’re not near that base yet,” he said. “We’re at a classic psychological stage where the market is reversing the 2017 frenzy,” he continued. “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.’”
Well, what more to say. FinTelegram agrees with Bloomberg’s analysis. It will need some time to digest the 2017 frenzy with all its scams and fraudulent schemes.