Bitcoin is stuck in a stiff downward momentum and could see its price drop to $1,500, said Bloomberg analyst Mike McGlone. ‘There’s little to prevent fading bitcoin prices from reaching the continuous mean of $1,500’, he said. ‘A rush to the exits among investors seems to be in place.’ McGlone said this as volatility in Bitcoin picked up following a short period of stability. The price per bitcoin fell from $9,300 in May to $6,600 in July, and fell several times below $3,800 today.
- Will Bitcoin prices drop to $1,500?
Bitcoin is turning negative again. And the technicals aren’t looking too good either going into 2019.
The largest cryptocurrency decreased to $3,668.09 on Wednesday by 5.9 percent, approaching the $3,522.58 decrease of more than a year on November 26. After a few days of relative stability, volatility increased again following the November plunge, which was the largest monthly decrease in over seven years.
Bitcoin is caught in a strong selling trend — its most pronounced since the sell-off it underwent mid-year, when the price dropped from about $9,300 in May to about $6,600 in July, according to the Directional Movement Index. If this plunge is an indicator of how things could go, Bitcoin could be in for a continuous route.