Bloomberg Intelligence analysts predict that Bitcoin (BTC) "has to keep falling", reported Bloomberg on November 16.
"Bitcoin is no longer boring," declares Bloomberg, before stating that analysts predict that the price could fall to $ 1,500, an additional 70 percent drop in the price of the currency.
Bloomberg cites hedge fund fund Travis Kling saying he "did not sleep well" because of the potential confusion in the larger crypto markets for the recent strong Bitcoin bifurcation. Effective:
"There is a small possibility that it is difficult to estimate, something really bad can happen with Bitcoin money that could impact the entire crypto market."
Bloomberg Intelligence analyst Mike McGlone continued the argument, saying that the recent market crash "was ignited for the bomb by the Bitcoin Cash bifurcation". As Bloomberg reports, he explains that "the bomb that started a few weeks ago, took a market a little out of place with speculative yearnings to play for the good old days, but this is a lasting bear market."
The bear market in the cryptocurrency industry has been evidenced more than just prices. Nvidia, the leading US-based GPU manufacturer, recently reported a sharp decline in sales in the current quarter, citing declining GPU sales for crypto-mining purposes.
In a recent note to clients, Fundstrat Global Advisors analyst Rob Sluymer predicted that Bitcoin will take "weeks, if not months" to recover "technical damage".
In a note this week, the Foundation's co-founder and Research Director, Tom Lee, said customers had already lowered their pre-Bitcoin target of $ 25,000 to $ 15,000.