Investors Expect One More Fall Before Bull Rally

Previously, Arthur Hayes, the CEO at BitMEX, said that bitcoin will achieve $50,000 by the end of 2018, but will suffer a correction and drop to the $3,000 to $5,000 level in the short-term.

Clem Chambers, the CEO of ADVFN, a financial data provider, said that he expects the price of BTC to fall to the $2,000 mark before rebounding and moving back to its all-time high at $20,000 in December.

“It will probably hit $2,000 before it hits $20,000. They are not creating enough money to make the world go around. The cryptocurrencies are filling that vacuum. Because that’s an economic suction going on there and the cryptocurrencies are filling that vacuum. It will generate an economic lift (for Bitcoin),” Chambers said.

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As CCN reported, the 2018 correction of bitcoin is demonstrating a similar trend as the correction in 2014 with a fast forwarded price movement. A drop to $2,000 to $3,000 would mean that bitcoin price would suffer a 90 percent drop from its all-time high, the worst correction in the cryptocurrency’s history.

The evident difference in market structure and regulatory certainty surrounding cryptocurrencies as an emerging asset class will prevent bitcoin from falling to $2,000 to $3,000. But, a range between $5,000 to $6,000 is more likely.

Source : https://www.ccn.com/