Bitcoin price could plunge to $1500

After MarketWatch got lambasted for publishing a questionable op-ed regarding a Bitcoin mining “death spiral,” the financial media continued their bearish cryptocurrency coverage on Wednesday. More specifically, Bloomberg News, which covers the crypto industry round the clock, recently had its in-house analysts tout a $1,500 per BTC prediction — far below what many traders deem “logical.”

Indeed, bitcoin had a dismal November, as part of a difficult year overall for the crypto market, though the past few days have seen slightly more stability from crypto’s largest asset. However, today it seems that the selling has resumed.

In a report released on Wednesday, Bloomberg technical analyst Mike McGlone explained that bitcoin is currently stuck in stiff downward momentum.

According to a chart indicator called the Average Directional Index (ADI for short), BTC is at a peak not seen since July. If the indicator is high, it shows high levels of downward trend vigor. McGlone said that he sees a possible price target of $1,500 for bitcoin. Hitting that price would mean another 60 percent fall from its current rate, which is already down 81 percent from last year’s all-time high.

Elaborating, while also touching on market cycles, McGlone noted: “We’re at a classic psychological stage where the market is reversing the 2017 frenzy… The hard fork was a key trigger that signaled the technology is way too nascent. You had these dicey characters threatening to destroy each other and institutions said ’It might be best if we stay away from this for a while.’”

Although McGlone painted a dismal picture for crypto’s prospects, which were already beaten and bruised to hell and back, a number of industry insiders have maintained their abiding faith in this revolutionary innovation.

Roger Ver, the infamous chief executive of Bitcoin.com, recently told the aforementioned outlet that the future is brighter than ever for cryptocurrencies. Speaking to Bloomberg on the streets of Tokyo, the zealous decentralist and anti-government crusader drew attention to a number of fundamental factors, including the Japanese FSA’s recent approval of a self-regulating crypto consortium, growing awareness of this innovation, and ramping adoption.

Keeping all this in mind, coupled with the fact that hackers and scammers continue to target the industry, Ver mused that he is still “incredibly bullish on the entire crypto-coin ecosystem.”

Mike Kayamori, chief executive at Quoine, also expressed a similar thought process. Kayamori, who heads the Japanese blockchain-centric startup, noted that while “nobody knows” where Bitcoin will bottom, taking historical trends into account, a reversal may be inbound. The Japanese crypto proponent added that by the end of 2019, he expects for BTC to surpass the all-time high it established in the wee hours of 2017.