Bloomberg Intelligence analysts claim, that at the moment Bitcoin has not yet established the final anti-record, but only “continue to fall”.
According to their forecasts, the rate is expected to fall to $1 500, which is 70% less than the current rate – $5 140 (at this point).
As one of the reasons for the fall of the course, the publication notes the hard fork Bitcoin Cash network. After it the largest scale collapse of the cryptocurrency rate occurred, which was the beginning of the “boring life for Bitcoin” and inspired several industry experts to make forecasts.
Travis Kling, founder of the hedge fund Ikigai, made an assumption, that in the future BCH hard fork will no longer affect the market:
“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.”
Bloomberg Intelligence analyst Mike McGlone gave a forecast for two versions of Bitcoin Cash, namely that because of them the investments of depositors and miners will continue to provoke a way out of rates to increase and further decline in market quotations.
The president and the main investment specialist of Creative Planning, Peter Mallouk, drew the attention of the crypto community to the financial result of the III quarter of the GPU manufacturer – NVIDIA. Mining products of the company are losing its relevance, which is according to the analysts, signals about the deterioration of the whole cryptocurrency market in general.
“The drop in the stock price of Nvidia is reflective of a future where cryptocurrency fueled demand has cratered,” said Peter Mallouk, president and co-chief investment officer of Creative Planning, in an email. “While this is, of course, bad news for NVIDIA, it is really the canary in the coal mine for Bitcoin and other cryptocurrencies.”
We want to remind you, that the founder of Fundstrat Global Advisor, Tom Lee, is optimistic about the future of the world’s first cryptocurrency. At the beginning of the year, he made a prediction, in which Bitcoin will reach the $25 000 by December. However, in July Tom made an adjustments , changing the estimate rate by $22 000. Early in November, the forecast was changed again to $15 000. Eventually, BTC should grow by more than 170% in a short term.
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