Analyst at Bloomberg Intelligence Mike McGlone believes that the cryptocurrency market may continue its downward trend, and the price of bitcoin could fall to $1,500.

Analysts suggest Bitcoin could gravitate toward the $1,500 level

— Bloomberg Crypto (@crypto) November 16, 2018

McGlone stressed that PAMP Bitcoin Cash prior to the hard forks, destabilized the situation on the market and has become one of the causes of collapse last week. He added that a negative signal is and the financial report by Nvidia, which the company disclosed the amounts of excess products and issued a weak forecast for sales in the fourth quarter.

Note that in the last day, the weighted average bitcoin exchange rate declined by 3% and fell below $5500.

Data TradingView

Recall, an analyst at Fundstrat Tom Lee has revised its forecast and stated that bitcoin could still reach $15 000 by the end of the year.

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