Bitcoin was in a strong trend of sales, and its price may drop to $1500, an analyst at Bloomberg Intelligence Mike McGlone (Mike McGlone).
For the first time such a negative forecast for the first cryptocurrency was announced by Bloomberg Intelligence experts last month.
This time Mike McGlone drew attention to the figure for bitcoin as an Index of the Average Direction (Average Directional Index, ADX). It grows with the increasing trends of sales and is at its highest level since July — about 47. If ADX rises above 50, it will signal the strengthening of the existing bearish trend.
Source: Bloomberg
“There is little that can prevent the fading of bitcoin prices reached a continuous medium in the$ 1500,” says McGlone.
According to him, the rush by investors ‘ exit from the cryptocurrency explained Bitcoin hardforum Cash and sales related taxes at the end of the year.
“Hardford was a key trigger that signaled that the technology is still too nascent. There were these risky characters that threaten to destroy each other, and the agencies said, “It would be better if we kept away from this for some time”, — said the analyst.
Thus, according to McGlone, lower prices lead to reduction in speculation and volatility, and therefore the trend this year on the stock market he estimated as positive.
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