Bitcoin Price Will Likely Fall to $1,500: Bloomberg Analyst

[cybersofts]

On the back of a grueling quarter, the bitcoin price could still see tougher times ahead. One analyst over at Bloomberg sees the flagship cryptocurrency possibly heading toward $1,500.

Indeed, bitcoin had a dismal November, as part of a difficult year overall for the crypto market, though the past few days have seen slightly more stability from crypto’s largest asset. However, today it seems that the selling has resumed. Bitcoin has dropped nearly $200 already today, from just over $3,900 down to $3,739 as of the time of writing.



BTC/USD | Bitstamp


In a report released today, Bloomberg technical analyst Mike McGlone explained that bitcoin is currently stuck in stiff downward momentum.

According to a chart indicator called the Average Directional Index (ADI for short), BTC is at a peak not seen since July. If the indicator is high, it shows high levels of downward trend vigor. McGlone said that he sees a possible price target of $1,500 for bitcoin. Hitting that price would mean another 60 percent fall from its current rate, which is already down 81 percent from last year’s all-time high.

“There’s little to prevent fading bitcoin prices from reaching the continuous mean of $1,500 […] A rush to the exits among investors seems to be in place,” said McGlone, who fingered the Bitcoin Cash hard fork and tax-based selling as catalysts for the downward momentum.

    “The hard fork was a key trigger that signaled the technology is way too nascent. You had these dicey characters threatening to destroy each other and institutions said ‘It might be best if we stay away from this for a while.'”

The Bloomberg report also mentions the recent SEC crackdown on ICOs and the commission’s hesitancy to approve a bitcoin ETF.

November, as CCN reported, saw bitcoin dive over 40 percent, racking up the largest monthly price drop for the asset in the past seven years.

“The trend is lower prices, lower volatility, reduced speculation, and the preponderance of stable coins,” said McGlone. He indicates the need for crypto assets to set a firm price base. Unfortunately, “we’re not near that base yet,” he said.

Other crypto experts see bitcoin dropping further as well, but some see a bottom possibly higher than $1,500. Last month CCN reported on Anthony Pompliano’s thoughts on a bottom for bitcoin.

“85 percent from the all-time high is about where we’ll end up. Puts it around $3,000. Came close over the weekend but probably a little bit more to fall,” Pomliano stated.

On the flip side, there is still the $15,000 end of year forecast from Tom Lee, though that target appears less likely by the day.


Reference: https://www.ccn.com/bitcoin-price-will-likely-fall-to-1500-bloomberg-analyst/

[DaMut]

Heard a lot from many 'experts' on Twitter before, not surprising to see this kind of target from them though. They are only saying something that is possible, and basically, everything is possible in cryptocurrency, I can say that Bitcoin will take another down if we are comparing it from where it got dumped in 2014 for more than 87% and at the same time it also has a probability to take another upward movement if we are seeing it from its current state(oversold).

Heard a lot about it and literally, it numbs me.

[figmentofmyass]

According to a chart indicator called the Average Directional Index (ADI for short), BTC is at a peak not seen since July. If the indicator is high, it shows high levels of downward trend vigor. McGlone said that he sees a possible price target of $1,500 for bitcoin. Hitting that price would mean another 60 percent fall from its current rate, which is already down 81 percent from last year’s all-time high.

“There’s little to prevent fading bitcoin prices from reaching the continuous mean of $1,500 […] A rush to the exits among investors seems to be in place,” said McGlone, who fingered the Bitcoin Cash hard fork and tax-based selling as catalysts for the downward momentum.

more of these bear calls, please!

i'm so glad all these bearish predictions are coming out of the woodworks, especially in the mainstream media like this. it's no coincidence that when everyone was expecting new ATHs and a perpetual bull market, we crashed. now that i'm seeing targets like this (and also sub-$1000 targets as well), i'm getting more confident that we're getting close to capitulation.

$1500 isn't off the table entirely, but i'd rate the chances pretty low.

[Wind_FURY]

I wonder if the nocoiners are having absolute fun when they report marginal FUD like that. Don't they understand that $1500 per coin is literally better and more attractive for potential investors?

[Cacingkemi]

I wonder if the nocoiners are having absolute fun when they report marginal FUD like that. Don't they understand that $1500 per coin is literally better and more attractive for potential investors?

Literally the value of 1500 is better for new investors buying BTC and the increase is inevitable then they invite their partners or relatives to invest in BTC,they tell us that the value has entered the 20K more or less like that and the results will continue to grow by word of mouth.I think a fall of to 1500 won't happen even though it's possible but it remains in my own feelings and analysis the fall won't be that bad.

[buwaytress]

more of these bear calls, please!

i'm so glad all these bearish predictions are coming out of the woodworks, especially in the mainstream media like this. it's no coincidence that when everyone was expecting new ATHs and a perpetual bull market, we crashed. now that i'm seeing targets like this (and also sub-$1000 targets as well), i'm getting more confident that we're getting close to capitulation.

$1500 isn't off the table entirely, but i'd rate the chances pretty low.

I hear you and amen, brother! Bitcoin's struggling as it is, and this doesn't change my perspective one bit, especially (or only?) because this is one of the guys who said Bcash was responsible (come on!).

I want all these guys to gather their nerves and come out and lay it down. Because people are thinking the "weak hands" and the naysayers are all out but no, I think many of them are still in, hoping for a quick recovery so they can minimise their losses.

I'm not convinced the culling is over so yes, let's whittle it down some more.

[mahilchii]

Here it is a new twist in the market now, well we need to be ready to adapt any kind of situation. If this prediction works I believe a lot of investors will lose hope in cryptocurrency. We need to prove it by holding our patience.

[jimbo2000]

It's always a positive when experts start to start getting bearish, means the bottom is getting closer. The BCH hash war shouldn't dissuade institutions, it should encourage them, they can take advantage of the infighting and consolidate their own positions. It must allow them to realize that under the right control they could profit greatly.

[davis196]

CCN articles and Bloomberg analysts can only make me laugh.
Nobody isn't going to be shocked by such price dump.A guess that all the hodlers are going to sell bitcoins,in order to buy some Christmass gifts.

[Oilacris]

I wonder if the nocoiners are having absolute fun when they report marginal FUD like that. Don't they understand that $1500 per coin is literally better and more attractive for potential investors?

Unless if those people who do report FUD are the investors itself. 

[GreatBug]

Incredible! It looks like Bloomberg has found a crystal ball !! 
In fact, this type of information is another attempt to make panic among inexperienced investors and price manipulation.

[okala]

That means there is no need for continue holding. Bitcoin has been attacked and many micro investors are seriously losing money  this year than any other years. I believe that governments and some big financial institutions are attacking bitcoin in other to be able to have control over it in future. If bitcoin is going down to $1500 then there is no need of holding it now.

[fabiorem]

$1500? Thats too much conservative.

They should be calling for three digits already.

[markj113]

Incredible! It looks like Bloomberg has found a crystal ball !! 
In fact, this type of information is another attempt to make panic among inexperienced investors and price manipulation.

It's only the other side of the same coin where people here scream to the moon.

[eroejoe]

I wonder if the nocoiners are having absolute fun when they report marginal FUD like that. Don't they understand that $1500 per coin is literally better and more attractive for potential investors?

Literally the value of 1500 is better for new investors buying BTC and the increase is inevitable then they invite their partners or relatives to invest in BTC,they tell us that the value has entered the 20K more or less like that and the results will continue to grow by word of mouth.I think a fall of to 1500 won't happen even though it's possible but it remains in my own feelings and analysis the fall won't be that bad.

I agree with you guys, if Bitcoins price goes to these levels I would gladly accumulate more than right now. There is possibility for that could happen, but I would not say that this scenario is likely to happen, despite of that I am being prepared for that scenario.

[thecodebear]

On the back of a grueling quarter, the bitcoin price could still see tougher times ahead. One analyst over at Bloomberg sees the flagship cryptocurrency possibly heading toward $1,500.

Indeed, bitcoin had a dismal November, as part of a difficult year overall for the crypto market, though the past few days have seen slightly more stability from crypto’s largest asset. However, today it seems that the selling has resumed. Bitcoin has dropped nearly $200 already today, from just over $3,900 down to $3,739 as of the time of writing.



BTC/USD | Bitstamp


In a report released today, Bloomberg technical analyst Mike McGlone explained that bitcoin is currently stuck in stiff downward momentum.

According to a chart indicator called the Average Directional Index (ADI for short), BTC is at a peak not seen since July. If the indicator is high, it shows high levels of downward trend vigor. McGlone said that he sees a possible price target of $1,500 for bitcoin. Hitting that price would mean another 60 percent fall from its current rate, which is already down 81 percent from last year’s all-time high.

“There’s little to prevent fading bitcoin prices from reaching the continuous mean of $1,500 […] A rush to the exits among investors seems to be in place,” said McGlone, who fingered the Bitcoin Cash hard fork and tax-based selling as catalysts for the downward momentum.

    “The hard fork was a key trigger that signaled the technology is way too nascent. You had these dicey characters threatening to destroy each other and institutions said ‘It might be best if we stay away from this for a while.'”

The Bloomberg report also mentions the recent SEC crackdown on ICOs and the commission’s hesitancy to approve a bitcoin ETF.

November, as CCN reported, saw bitcoin dive over 40 percent, racking up the largest monthly price drop for the asset in the past seven years.

“The trend is lower prices, lower volatility, reduced speculation, and the preponderance of stable coins,” said McGlone. He indicates the need for crypto assets to set a firm price base. Unfortunately, “we’re not near that base yet,” he said.

Other crypto experts see bitcoin dropping further as well, but some see a bottom possibly higher than $1,500. Last month CCN reported on Anthony Pompliano’s thoughts on a bottom for bitcoin.

“85 percent from the all-time high is about where we’ll end up. Puts it around $3,000. Came close over the weekend but probably a little bit more to fall,” Pomliano stated.

On the flip side, there is still the $15,000 end of year forecast from Tom Lee, though that target appears less likely by the day.


Reference: https://www.ccn.com/bitcoin-price-will-likely-fall-to-1500-bloomberg-analyst/

Saying an analyst predicts something is literally worthless. They don't know what's gonna happen in the market any better than you or I. The only reason that is news is because its an extreme view. Price has been going down the past few days but that's after it recovered back to 4200. November drop was a reaction to bitcoin cash turmoil (hard fork / hash war / chain split). Price had been very stable. I think we'll get a very stable 3000s/4000s price as the bottom now maybe until mid-2019. But I'm just another random dude telling you what I predict just like that analyst is. do your own research don't believe some random person no matter what their title is, unless they have a time machine it don't matter.

[fabiorem]

[Oceat]

Let them keep on talking while Bitcoin doesn't really care about what these so-called experts are talking. Rising or falling it doesn't matter anyway, Bitcoin price is still stable at this rate. They will all be another story that will be written in the history again, Bitcoin will survive and no, it is not dying.

[Wind_FURY]

I wonder if the nocoiners are having absolute fun when they report marginal FUD like that. Don't they understand that $1500 per coin is literally better and more attractive for potential investors?

Unless if those people who do report FUD are the investors itself.  

How can I forget? WHY did I forget? Hahaha. Yes! They are the whale-cumulators. They order their minions to report FUD, and manipulate the price lower themselves, until the plebs are capitulated from the market. When they are done accumulating, watch them hail Bitcoin as the currency of the "new" economy.

[gabmen]

I wonder if the nocoiners are having absolute fun when they report marginal FUD like that. Don't they understand that $1500 per coin is literally better and more attractive for potential investors?

Unless if those people who do report FUD are the investors itself.  

How can I forget? WHY did I forget? Hahaha. Yes! They are the whale-cumulators. They order their minions to report FUD, and manipulate the price lower themselves, until the plebs are capitulated from the market. When they are done accumulating, watch them hail Bitcoin as the currency of the "new" economy.

Lol. If you observe the noisy ones, they pop up seasonally. You're right that these people are probably linked to whales trying to scare others into selling. Of course if you don't have as much coins as whales do, this market movement would hurt. This is where your backup plan should kick in so you can put your attention somewhere else.