Bitcoin might drop to $1,500. Bloomberg Intelligence experts foretell the 70% price drop from current levels. As of writing, bitcoin is trading at the margin of $5,593. This week has been pretty tough for the «big daddy» as its «son» Bitcoin Cash split into two other blockchains.
Will Bitcoin Drop or Grow?
A few days ago known bitcoin’s bull Tom Lee forecasted that by the end of the year bitcoin will surge to $15,000.
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Bloomberg Intelligence experts have drastically opposite opinion. They believe bitcoin may see the bottom of $1,500 as «the drama» is just beginning. On November 15, BTC hit the anti-record of the entire year ($5,358, according to Coinmarketcap.com). This year, bitcoin, in general, lost over 60% of its value. Notably, apart from bitcoin, other most valuable alternative coins (like XRP) also went down.
Bitcoin Cash Fork
As Bloomberg underscores, the recent hard fork of Bitcoin Cash (which came as a consequence of bitcoin hard fork) could distract investors and miners from bitcoin. Mike McGlone, one of BI analysts believes this is the reason of the recent price slope. McGlone, however, says the selloff peculiarities started developing some weeks ago.
Another problem is that the demand from crypto-miners for Nvidia chips has lowered, thus it is expected the company will see weaker sales in the current quarter. Mining previously increased demand for such chips but when the crypto market crashes, there appears the oversupply of chips.
What this whole situation will lead to, the time will tell. Meanwhile, bitcoin bulls hope for better. Recently, ex-Goldman Sachs partner Mike Novogratz predicted bitcoin to be $20,000 in case institutional flows enter the crypto-market.
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