Stephen Innes, the Head of Trading at Oanda Forex brokerage company, claims that Bitcoin’s rate is going to keep declining until it reaches $2,500. As per his interview with Bloomberg, over the past time, the coin has not given investors a clue that the bottom is reached.
Innes believes that the forecasts of so-called positive-thinkers may be far from reality and that the current market situation is showing its negative side to investors and hodlers, who keep getting rid of BTC and avoid making new purchases.
Bitcoin is currently unattractive
Answering a question regarding when the BTC collapse will stop and reverse, Innes made an indirect verdict that, for a number of reasons, the coin remains an unattractive investment for now. He believes that the current uncertainty in the market prevents BTC from reversing.
Innes told Bloomberg that he had been closely watching the crypto trading trends for the past several months. Technical indicators, he said, do not show that the bottom is in. That is why big investors are staying away, so this leaves room for the continuation of the fall. After Bitcoin drops lower than $3,500 and gets on track to reach $2,500, investors and traders with no experience may start dropping the coin out of fear.
However, the man is optimistic regarding the open ledger technology in the long run but insists that Bitcoin and other crypto will become unattractive for big investors and newbies in the short term.
The main reasons for the continuous crypto fall is that Wall Street bankers refuse to fully dive into crypto investments, then there are regulators that are making the rules for crypto quite tight and hard. Lastly, the recent Bitcoin Cash fork is also to blame.
Previously, U.Today reported that the Head of Genesis Capital Trading, Michael Moro, stated that Bitcoin would reach the bottom at the $3,000 level and then make a U-turn.
Besides, he reckons that big institutional investors from Wall Street and other places do not care about current price fluctuations, so they can wait for a few years to get their profit.