Analysts predict Bitcoin price could fall to $1,500, which would indicate another drop of more than 70 percent from current levels. The digital token tumbled 12 percent on Wednesday alone to its lowest level in over a year, and has lost more than 60 percent of its value so far this year.
The experts are confident that the last week’s market decline which led to the bitcoin price decline of 10%, ‘was sparked by the pump for the Bitcoin Cash hard fork.’
Some investors believe that two versions of Bitcoin Cash, which had broken off the original Bitcoin in 2017, could be sucking investment and miners away from the largest cryptocurrency.
That pump that 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,’ said Mike McGlone, the Bloomberg Intelligence analyst.
Mike Mark-Glon believes that the pump lasted several weeks, but the bear market has not gone away. Many companies working in this field are experiencing its influence: for example, manufacturer of graphics chips Nvidia reported on Friday about fall in demand from the miners. In addition, at the same time with the bitcoin price, Asian companies’ shares were falling.
The cryptocurrency market collapsed on November 14, and within a day its market capitalization decreased by $ 30 billion. Bitcoin price has dropped below the annual minimum and continues to decline so far. Top 20 cryptocurrencies with the biggest market capitalization, except Tether, are in the red zone.