Almost half a year ago, our analyst Jeremy Oles in his article “When will Bitcoin change its trend” wrote:
…some analysts, that disagree with the opinion of most of their colleagues, they are few, but they are, believe that the critical mark for bitcoin is $1800.
And there are some certain reasons for that. Read more in the article.
Analysts at Bloomberg Intelligence (BI) believe that Bitcoin will “fall lower,” and some experts have already begun to call it “a cryptocurrency winter,” reports Bloomberg.
Bloomberg claims that BI analysts predict that the price may drop to $1,500 – another 70% of the current price of the coin.
Founder of the hedge fund Travis Kling said that he was pretty worried about the mess in the digital currency markets because of the recent Bitcoin Cash hardfork. According to him, “it is difficult to assess the negative impact of Bitcoin Cash hardfork, which can affect the entire cryptocurrency market.”
BI analyst Mike McGlone also stated that the recent market crash was caused by BCH hard forks. He clarified:
“Because of a pump that started few weeks ago, the market was a bit offside with its long-term speculative rates like in the good old days. However, there is a steady bear market. ”
The “bearish” market in the cryptocurrency sector had a strong impact on the miner manufacturers. For example, the company Nvidia recently announced a significant decrease in sales of graphics processors, which are used for mining cryptocurrency.
Recently, Rob Sluymer of Fundstrat Global Advisors predicted that Bitcoin recovery would take “weeks, if not months,” while co-founder of the same company, Tom Lee, adjusted his Bitcoin price forecast by the end of the year from $25,000 to $15,000.