On November 16th, Bloomberg Intelligence Analysts predicted that Bitcoin (BTC) will decline further.
Bloomberg declares: “Bitcoin’s no longer boring” before revealing the prediction by analysts that the price could fall to a very low $1,500, a 70% reduction in the coin’s current price.
Bloomberg cites Travis Kling (hedge fund founder), saying that he “didn’t sleep well” due to the potential turmoil in wider crypto markets as a result of the recent hard fork of Bitcoin Cash: “There’s a small chance that, it’s difficult to estimate, that something really bad could happen related to Bitcoin Cash that could then impact the entire crypto market.”
Mike McGlone, Bloomberg Intelligence analyst continued the argument saying that the recent crash in the market “was sparked by the pump for the Bitcoin Cash hard fork. The 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.”
Not just the price of cryptocurrencies were affected by the bear market. Nvidia, major GPU manufacturer based in the United States recently reported a notable decrease in sales this current quarter, citing that there were fewer GPU sales specifically used for the mining of cryptocurrencies.
Rob Sluymer, Fundstrat Global Advisors analyst, recently sent a note to clients, predicting that it will take “weeks, if not months” for Bitcoin to get back up from the “technical damage” which was caused by the recent collapse in price.
Tom Lee, Fundstrat co-founder and Head of Research in a different note told clients that he was reducing his initial end-year target for the price of Bitcoin to $15,000 from the initial $25,000.