Analysts at Bloomberg Intelligence believe that bitcoin is “just beginning”, and predict a possible drop in its price to $1500 — more than 70% of the current level.The business publication noted that after the largest fall in the cryptocurrency market since August, which occurred in anticipation of the hard fork of the Bitcoin Cash network, “bitcoin no longer misses”, and gave forecasts of several industry experts.
The founder of the hedge Fund Ikigai Travis Kling (Travis Kling) believes that further impact on the market of hard fork BCH is unlikely:
“There is a small possibility that it is difficult to estimate that something really bad could happen related to Bitcoin Cash, which could affect the entire cryptocurrency market.”
In turn, Bloomberg Intelligence analyst Mike McGlone (Mike McGlone) predicts that the two versions of Bitcoin Cash will continue to divert resources of investors and miners, causing the exit from long positions (rates to increase) and further decline in market prices.
“This is a stable bear market, " he stressed.
President and chief investment officer of Creative Planning Peter Mellouk (Peter Mallouk) drew attention to the weak financial results for the third quarter of GPU — Nvidia. Sales of cryptocurrency-related products of the company continue to fall, and the analyst considers this a negative signal for the market.
"The decline in Nvidia's share price is a reflection of the future, where cryptocurrency-fueled demand has collapsed. While this is certainly bad news for Nvidia, in reality it is a Canary in a coal mine for bitcoin and other cryptocurrencies,” said Mallow.
Recall that in spite of everything, co-founder of Fundstrat Global Advisors Tom Lee (Tom Lee) continues to be optimistic about bitcoin. At the beginning of the year, he predicted that the price of the first cryptocurrency by December will reach $25 thousand, in July slightly reduced the forecast to $22 thousand. One and a half months before the end of the year, he made another correction — up to $15 thousand, which means the growth of BTC for this period by about 170%.