The executive vice president of the BitOoda encrypted brokerage firm, Brian Donovan, said he believes Bitcoin will fall further to $ 2,400 before finding its base.
According to CCN, the Executive Vice President of BitOoda, wrote in a daily note to customers that Bitcoin is imitating the trajectory of the 2011 silver bubble.
BitOoda has traced similarities in the 2011 silver bulletin and predicted at the beginning of December 2018 that Bitcoin would probably have plummeted to lows of about $ 3200 within one to three months. Less than two weeks later, the BTC / USD plummeted to its annual low.
The encryption company continues to believe that the boom and the failure of silver in 2011 provide suggestions on the medium-term prospects of bitcoin.
According to Brian Donovan, this would mean a painful prediction that could see the number one cryptocurrency drop to $ 2,400 before finding the bottom.
"We think this thesis is still intact, which could mean breaking the lows over the next few weeks, and a 25% sell-off in BTC from the current minimum of $ 3200 would be about $ 2400," wrote Donovan.
However, Donovan points out that his next sell-off may just be what the cryptocurrency market needs.
"In this case, we believe the new institutional actors will enter this space to start reallocating their assets and resources into Cryptocurrencies," he said.
"Since BTC has the advantage of the first mover and the recognition of the name, we think that this would be the currency that Wall Street uses as a way to invest in gaining exposure to the digital heritage."
Read more: Bitcoin is dead? 8 reasons why this is NOT
Unfortunately, the future remains unknowable, but as we hear more and more positive voices in favor of Bitcoin, cryptocurrency investors may see Bitcoin reach new highs in 2019, which is something that all cryptocurrency investors would like to see.
Wherever Bitcoin is headed by the end of 2019, it will be an exciting race to get there.
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