Research firm Quinlan & Associates' call that crypto markets would tank in 2018 has been spot on.

If Quinlan continue to be right, then things will only get worse for bitcoin.

At the beginning of the year, consultancy Quinlan & Associates made a call that the bitcoin markets would tank in 2018.

And so, far the firm's predication has been spot on.

Quinlan & Associates put out a report in early January titled "Fool's Gold: Unearthing The World of Cryptocurrency" in which they outline a case for the crypto markets dropping in value to a total $223 billion in 2018. At last check, the market was down to $233 billion, according to CoinMarketCap data.

At the same time Quinlan made the call, other market observers were calling for bitcoin to hit $25,000 to $40,000 in 2018.

As for bitcoin, the consultancy expects crypto to dive even lower from its current price just below $5,900 to $1,800 by December.

"'Despite fulfilling most of the characteristics of a traditional fiat currency, cryptocurrencies are largely being utilized as speculative investment assets, leading to considerable volatility in their value," said Benjamin Quinlan, chief executive and managing partner, in a statement shared with Business Insider at the time of the January report.

Despite the bearish call on bitcoin, the firm expects the cryptocurrency market to rebound — driven by those cryptos with a clear utility — and reach $407 billion by 2020.