On November,16th Bloomberg predicted in a report that Bitcoin is not at it’s worst yet and is still to fall. They feel that Bitcoin prices could still fall as low as 1500 USD point, which would mean a 70 percent further drop in the coin’s prices, which at press time was trading at 5,507.17 USD. Bloomberg declared, “Bitcoin’s no longer boring.”
Travis Kling says that he couldn’t sleep peacefully at night thinking about the turmoil that the cryptocurrency market would be in due to the Bitcoin Cash hard fork.
“There’s a small chance that, it’s difficult to estimate, that something really bad could happen related to Bitcoin Cash that could then impact the entire crypto market.”
Mike McGlone, a Bloomberg Intelligence analyst continued with that line of thought and said that the recent market crash was sparked by the pump for the Bitcoin Cash hard fork.”
Bloomberg Intelligence analyst Mike continued the argument, saying the recent market crash “was sparked by the pump for the Bitcoin Cash hard fork.”
He also explains that the “pump that began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good-old days. But this is an enduring bear market.”
The bear market has affected a lot of sections of the cryptocurrency market including the prices. Nvidia, an emminent U.S. based GPU manufacturer reported a steep decline in sales in the current quarter, indicating that the sale of GPUs which are specifically used for mining crypto are falling.
Rob Sluymer, an analyst from Fundstrat Global Advisors predicted that it will take a.long time to recover from the “technical damage” caused by this recent bearish market and the price collapse. Tom Lee, the co-founder of the same company also informed his clients that he was reducing the target for Bitcoin’s price from $25,000 to $15,000 as was decided earlier.