Bloomberg Analyst: Bitcoin on Course to Hit $1,500

Bitcoin (BTC) prices might fall to a level not experienced since May 2017. Bloomberg in-house analyst Mike McGlone predicts BTC might bomb to $1,500, considerably lower than the expectations of most traders.

“Bitcoin is caught in a strong selling trend,” said the analysis. “[This trend] is its most pronounced since the sell-off it underwent mid-year, when the price tumbled from about $9,300 in May to around $6,600 in July, according to the Directional Movement Index. If that plunge is an indicator of how things might play out, then Bitcoin could be in for a continued rout.”

Bitcoin’s bearish trend began earlier last month, with prices dropping nearly $2,100 over the course of a week. The plunge comes as a culmination of a difficult year for the crypto market. Although BTC the world’s first crypto coin stabilized during last week, the selling resumed yesterday, with prices dropping an additional $200, down to $4,000.

Although BTC has managed to …

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