Analysts at Bloomberg had shaken up things in the crypto market this Sunday. As reported in today’s post on our DC Forecasts Bitcoin news site, Bitcoin can “further fall” according to them and “is no longer boring” as the analysts declared.
First reported by Bloomberg, their approach focuses on the price of Bitcoin and its possibility to fall as low as the $1,500 point which would constitute to another 70% drop in the coin’s price. Citing the hedge fund founder Travis Kling, Bloomberg’s reports say that “he did not sleep well” because of the turmoil in wider crypto markets and the recent Bitcoin Cash hard fork which saw a lot of red on the market.
According to the Bloomberg Intelligence analyst Mike McGlone, the recent market crash “was sparked by the pump for the Bitcoin Cash hard fork.” Bloomberg also reported that the “pump 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.”
As we can all see, the bear market in the crypto industry has affected more than just prices. As the leading global GPU manufacturer Nvidia recently reported, there has been a massive decrease in GPU sales used for mining in the current quarter.
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