$1,500 for BTC: the Market Can Expect Another Drop
Last week, the cryptocurrency market lost over $24 billion in capitalization. This week, the fall continued, and experts predict a further decline in prices.
Last Wednesday, the collapse began on the cryptocurrency market. The capitalization of all cryptocurrencies fell from $210 billion on November, 14 to about $181 billion on Saturday, according to Coinmarketcap. By the evening of Sunday, the market managed to recover a bit and capitalization grew to $185 billion.
But on Monday morning, the decline continued and at the time of publication the market capitalization decreased by another $14 billion to $171 billion.
Among the reasons, experts named the recent pump before the Bitcoin Cash hard fork. Bloomberg analyst Mike McGlone is confident that the pump started a few weeks ago and investors have been trying to play on long speculation. But they have not calculated their capabilities in a bear market.
At the same time, Bloomberg analysts believe that the worst can still be ahead. Bitcoin may lose another 70% and drop to $1,500.
There are some positive thoughts. For example, crypto expert Brian Kelly believes that the fall will not last long, and the market will recover soon. But, Brian Kelly did not predict how big the recovery could be.