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Bloomberg’s Analyst Predicts Tough 2019 for Bitcoin
While Bitcoin is on the cusp of falling below the psychologically important mark of $3,500, inching closer to its yearly low, technical indicators show that woes of the flagship currency won’t stop in 2019. In fact, it might fall to the $1,500 level, but there is also a silver lining.
A further decline
After the bloodbath stopped for a few days, Bitcoin is again showing signs of turbulence with its price failing to hold the key resistance of $4,000. It is yet to be seen whether December will be any better than November (when BTC experienced the biggest drop in nearly seven years). However, Bloomberg Intelligence analyst Mike McGlone has already voiced his predictions for 2019, claiming that the current crypto sell-off will continue. The ADX indicator, which tracks negative selling trends, is on the brink of breaching 50 percent, thus reaching a new high in 2018.
Based on this analysis, McGlone believes that the price of Bitcoin could plunge to $1,500, dragging the whole cryptocurrency market into the abyss. Currently, he believes, we are experiencing a market reversal after the December craze when Bitcoin reached an ATH of $20,000, making headlines around the globe.
So, what’s the silver lining?
While low prices are taking a toll on many crypto-oriented businesses (including Bitcoin mining), McGlone is certain that the current predicament is helping make the crypto space more stable, making less room for speculations. Combined with the dominance with the stablecoin season, we are looking at a positive trend, the analyst believes. Still, Bitcoin hardforks serve as a proof that the market is still not mature enough. Investors have to brace themselves for the biggest decline since 2011, which will eventually lead to a much healthier environment.
Nevertheless, many believe that the bulls will be in full force in 2019 due to the influx of institutional money. Crypto evangelists bet big on Bakkt, the ICE-baked exchange that is expected to launch its futures on Jan. 24, 2019.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin