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On the back of a grueling quarter, the price of the bitcoin could still see harder times. One Bloomberg analyst sees the cryptocurrency flagship that could reach $ 1,500.
In fact, the bitcoin had a sad November month, as part of a difficult year for the cryptography market, although the past few days have seen a bit more stability than the largest crypto resource. However, today it seems that the sale has resumed. Bitcoin has lost nearly $ 200 already today, from just over $ 3,900 to $ 3,739 at the time of writing.
In a report published today, Bloomberg's technical analyst Mike McGlone explained that the bitcoin is currently stuck in a rigid downward momentum.
According to an indicator of the chart called Average Directional Index (ADI for short), BTC is at the peak not seen since July. If the indicator is high, it shows high levels of downside vigor. McGlone said he sees a possible price target of $ 1,500 per bitcoin. Striking that price would mean a further 60 percent decrease from its current rate, which is already down 81 percent from last year's record high.
"There is little to prevent the faded bitcoin prices reach the continuous average of $ 1,500 […] A rush to investor outings seems to be all right, "said McGlone, who touched the Bitcoin Cash fork and tax-driven sales as a catalyst for downward momentum.
"The hard gallows was a key factor that signaled that technology is too nascent." You had these menacing characters threatening to destroy each other and the institutions said "It could be better if we keep away from this for a while." # 39 ;. "
The Bloomberg report also mentions the recent repression of the SEC against the ICOs and the hesitation of the commission to approve a bitcoin ETF.
November, as reported by CCN, saw the bitcoin plunge over 40%, accumulating the largest decline in monthly prices for the good in the last seven years.
"The trend is a reduction in prices, lower volatility, a reduction in speculation and a preponderance of stable currencies," said McGlone. It indicates the need for cryptographic resources to establish a solid price base. Unfortunately, "we are not yet close to that base," he said.
Other cryptography experts see the bitcoin fall further, but some see a perhaps higher fund than $ 1,500. Last month, CCN reported on Anthony Pompliano's thoughts on a bitcoin fund.
"85 percent of the all-time high is about where we'll end up, it's around $ 3000. I came close to the weekend but probably a little more to fall," said Pomliano.
On the flip side, there are still Tom Lee's $ 15,000 year-end forecasts, although that goal appears less likely from day to day.
Shutterstock foreground image. TradingView Charts.
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