Mike McGlone, a Bloomberg intelligence analyst has predicted that bitcoin is possibly going to fall to $1500 soon. Bitcoin price fell down yesterday up to $3668 which is quite near the yearly low of $3522 that was achieved just a few days back on November 26. Bitcoin remained stable above $3900 for a few days but could not hold on to the selling pressure and crashed hard yesterday and may soon test the $3500 support yet again.
Bitcoin price started its crash in May this year while trading above $9000 and falling to $6500 in July due to massive selling in just a matter of two months.
According to the report published by Bloomberg intelligence analyst, bitcoin and other prominent cryptos will likely fall and bitcoin can turn up to $1500 soon. The price of bitcoin has fallen more than 80% from the last December when it was trading around $19500. According to Mike, the price would fall around 60% from the current price.
Mike also mentioned that there is quite little to stop the price of bitcoin to fall to $1500, the reason starting from bitcoin cash hard fork and year-end tax purposes, and many other matters.
The cryptocurrency market has experienced a huge amount of selling in the month of November which resulted in billions being washed off from the crypto market. Mike mentioned that the market is currently reversing the rise of 2017.
The SEC is continuously engaged in cracking down the cryptocurrency space. In November, SEC had imposed huge fines on two companies that did not register their ICO as securities with the SEC. Cryptocurrency investors have been waiting for the approval of Bitcoin ETF from a long time but according to last week’s statement of SEC’s head, there is still an absence of investor protection in the crypto space, therefore the approval of Bitcoin ETF will not be done anytime soon.
The market crash of November this year has been the worst crash since 2011. According to Mike, lower prices help to reduce volatility in the market. Mike also mentioned that the current price drop is somewhat positive as due to lower prices there is lower volatility, less speculation, and the preponderance of stable coins.
Other cryptocurrency analysts also predict a drop in prices but higher than $1500. Some are predicting $2500 to be the lowest price while other predict $3000. On the other side, Tom Lee, the bitcoin bull is still predicting $15000 price at the end of this month.
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