Bloomberg: Bitcoin Price May Continue to $1,500, BTC Analysis


Bloomberg Intelligence Senior Commodity Strategist Mike McGlone believes that the cryptocurrency market may continue its downward trend, and the price of bitcoin could fall to $1,500.

McGlone stressed that the Bitcoin Cash pump, which preceded the hard forks, destabilized the market situation and was one of the reasons for the collapse last week. He added that a negative report is the financial report of Nvidia, in which the company disclosed the volume of excess products and gave a weak forecast for sales in the fourth quarter.

Note that over the past day the weighted average rate of Bitcoin sank by 3% and dropped below $5,400.

Quick BTC analysis:

The price has gone down to $5,500- $5,250. A normal rebound did not happen, which means that there is good reason to believe that the price will continue to decline.

The further goal of bears will be the level of $4,600. Most likely, this will not happen quickly, but will again be accompanied by a stinging flat with rebounds and a further decline.

The only thing that can save the bulls now is a possible wedge on the daily time frame. If it happens, then a rise to $6,500 is possible. However, the pressure of the bears and the negative background are quite high, the figure will be very difficult to realize. The complete cancellation of the figure will occur when the price leaves below $5,200.

On the other hand, in recent times, market manipulations have been happening in the opposite direction from moods, with a positive, the market has fallen, with negative growth. Perhaps this time the manipulators will make growth.

Recall Fundstrat analyst Tom Lee revised his forecast and said that Bitcoin could still reach $15,000 by the end of the year.