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Bitcoin May Drop to $2,500: Head of Major Forex Trading Company in Asia

Thu, 11/29/2018 - 13:22
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Yuri Molchan
The Asia-Pacific leader of the Trading division at Oanda Forex brokerage firm forecasts Bitcoin to decline to $2,500, saying that recently BTC has behaved negatively
 Bitcoin May Drop to $2,500: Head of Major Forex Trading Company in Asia
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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.

JPMorgan’s Jamie Dimon Was Right?

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.

Other opinions

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at