Bloomberg Intelligence analysts believe that bitcoin “only just begun”, and predict a possible drop in its price to $1,500 — more than 70% from the current level.
The business publication noted that after the large August drop cryptocurrency market, which occurred in anticipation of the hard forks of Bitcoin Cash, “bitcoin is no longer missing,” and resulted in forecasts of several industry experts.
The founder of hedge Fund Ikigai Travis Kling (Kling Travis) believes that the future impact on the market hard forks BCH unlikely:
“There is a small possibility that it is difficult to estimate what might happen something really bad associated with Bitcoin Cash, which can affect the entire cryptocurrency market.”
In turn, Bloomberg Intelligence analyst Mike McGlone (Mike McGlone) predicts that the two versions of the Bitcoin Cash will continue to divert resources of investors and miners, causing exit from the long positions (betting on the increase) and a further decline in market prices.
“This is a sustainable bear market”, — he stressed.
President and chief investment officer of Creative Planning Peter Mallouk (Peter Mallouk) drew attention to the weak financial results for the second quarter GPU — Nvidia. Sales related to the mining of cryptocurrencies of the company’s products continue to fall, and the analyst believes this is a negative signal for the market.
“The depreciation of the Nvidia stock is a reflection of the future, where cryptocurrency fueled demand collapsed. While this is certainly bad news for Nvidia, in fact it’s the Canary in the coal mine for bitcoin and other cryptocurrencies,” said Mallouk.
Recall that no matter what the co-founder of Fundstrat Global Advisors Tom Lee (Tom Lee) continues to be optimistic about bitcoin. At the beginning of the year, he predicted that the price of the first cryptocurrency to December will reach $25 thousand in July slightly reduced the forecast to $22 thousand. And a half months before the end of the year he has made another correction to $15 thousand, which means an increase in BTC over this period by approximately 170%.