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Saturday, 20 October 16:31 (GMT -05:00)



Foreign exchange market

Bloomberg Intelligence Predicts Bitcoin Crash Down To $900


According to some experts working for Bloomberg Intelligence, the BTC exchange rate may crash all the way down to 900 dollars per 1 Bitcoin in the near future. They say this may happen because of decreased trading volume and bearish market sentiment.
 
The thing is, the world’s first and biggest cryptocurrency grew too fast throughout 2017. Apparently, this create reasonable worries that another bubble was inflating in the global market of cryptocurrencies and it was about to burst. That’s why the market has been really sensitive about any negative information somehow related to digital currencies in general and Bitcoin in particular. This created market panic and massive sellouts. Basically, that was the key reason why the Bitcoin exchange rate crashed from the all-time high close to $20000 all the way down to $6000-7000. Even though, Bitcoin has recovered to the level close to $10000, this is still less than 505 of the highest price ever since in the market.

The experts say that the recent Bitcoin crash resembles the one seen in the U.S. stock market during the so-called dot-com boom in the late 1990s and early 2000s. In particular, one of them says that he has spent quite a lot of time studying the topic and the deeper he dives into the research, the more bearish he gets on Bitcoin and other cryptocurrencies.

In particular, Bloomberg Intelligence experts have analyzed the dynamics of Nasdaq Composite as well as the ups and downs of Amazon stock during the dot-com boom when the stock market set another all-time high and then crashed by more than 70% to make hundreds of related companies bankrupt at the same time. The current situation with Bitcoin resembles then one seen during the very dot-com era.
 
On top of that, there is another bearish factor for Bitcoin. The whole point is, due to a number of forks, the real volume of Bitcoin mining is way bigger than expected previously. At the same time, Bitcoin keeps on losing its market share. For instance, back in 2017, Bitcoin used to enjoy a market share bigger than 50%. Today, the figures have already dropped all the way down to 35%. This means that altcoins keep on winning more and more of the market share for themselves, especially as they are still growing in number. Even though Bitcoin is still the most expensive cryptocurrency out there, altcoins are getting more and more sophisticated and improved. In 2017 alone, the amount of tokens more than doubled (120%).
However, some experts contradict the bearish expectations expressed by Bloomberg Intelligence. Based on the result of technical analysis, they say that if Bitcoin breaks above the resistance are around 10128 и 10776 USD/BTC, it will get a decent chance to get back into the price channel between 14 334 and 16 304 USD/BTC.


 

 

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