Bloomberg Intelligence: the price of bitcoin could fall to $ 900

[Pan Troglodytes]

The strategist for commodities of the analytical division of Bloomberg Intelligence Mike McGlone believes that the probability of a 90% drop in bitcoine prices in the conditions of uncontrolled supply growth in the market is quite high.


"I've been studying this topic for a long time and the more research I do, the more I tend to bearish. All this is very similar to the Internet company of the late 90's, "McGlone emphasized.


Who is this McGlone, who then considers him an expert?

But the case of "unlimited supply" clearly is not the case with Bitcoin. Maybe with altcoins it would be true, but this is exactly the reason the altcoins are just altcoins and it is Bitcoin which had its price at 20k level a month ago, not some altcoin.

The reasoning based on a false assumption is false, mate.

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[21millionsbtc]

It is very unlikely to see the price below 1000 dollars bitcoin demand is so high

[NITCoinOfficial]

It is extremely difficult to predict the price, hence the market has no clear financial instruments to measure it.
The value of each cryptocurrency can be determined by the following basics:
- the circulating amount
- the historical data
- supply/demand
- chain difficulty
- exchanges willing to work with the coin
- how useful the coin is to the community
- how easily it can be exchanged from and to fiat
- news and media coverage
- large-scale investors
- coin wealth distribution

Each time one of these parameters changes, the price changes as well. $900 is very optimistic for those who are willing to buy bitcoins, why not $250-300 then, like it was some time back? My answer to that would be that it is almost impossible, because you can't lower some parameters, once they are at a certain level. Like news and media coverage value, for example. The more people know about the coin, the more its worth. It's like saying everyone at some point will completely forget about the brand "Coca-Cola". It's impossible. Bitcoin is a brand and it has a significant brand-value in it. When people write their price expectations, they have to base them on some data or numbers, otherwise they're just taking a wild guess.

[Pesona1]

The strategist for commodities of the analytical division of Bloomberg Intelligence Mike McGlone believes that the probability of a 90% drop in bitcoine prices in the conditions of uncontrolled supply growth in the market is quite high.


"I've been studying this topic for a long time and the more research I do, the more I tend to bearish. All this is very similar to the Internet company of the late 90's, "McGlone emphasized.


Who is this McGlone, who then considers him an expert?

is Mike McGlone a high-class trader, and has a big capital in cryptocurrency especially bitcoin?
I think Mike McGlone just made the speculation that can not be accounted for. if bitcoin reaches $ 900 why bitcoin is currently in the position of $ 9000. do not trust news that has no obvious source because it only causes panic sell. and we should be optimistic if bitcoin will be at the highest price.

[pearlsome]

I also saw today this news and this prediction. This surprised me, but did not bother me.
Everyone has their own motives for saying something publicly. Maybe he just wants to buy a bit of bitcoin for 900 bucks. But wanting and doing - these are completely different things.

[Victorycoin]

These Wall Street guys are so obsessed with the fact that Bitcoin and cryptocurrency did not stem from one of their cocoons and they mostly do not hide their death wish. They ought to know, whatever makes them experts at Wall Street is irrelevant in the cryptoworld, because cryptocurrencies do not understand the language of Wall Street, neither its norms and cultures! Bitcoin and cryptocurrency are here to stay, the early adopters status is a prized one, no one should allow strangers take their place!

[RawDog]

These Wall Street guys are so obsessed with the fact that Bitcoin and cryptocurrency did not stem from one of their cocoons

Blockbuster didn't give a shit about Netflix at first.  Then they were bankrupt.  It all comes up really fast.  Give it another year.  Maybe two.  Wall street is going to be jobless soon.

[ilyashpakin2015]

Now is the time for growth of bitcoins. Therefore, we need to start right now to rise to investing.

[First77]

Re:  Bloomberg Intelligence: the price of bitcoin could fall to $ 900

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