Cryptocurrencies for the weekend - "Bitcoin price can fall to $ 1500"

After months of consolidation, Bitcoin's quotes finally stop being boring. Variability is returning to the market, but many investors, hoping for its increased attack, expected a rather different development. The largest sale since August, the controversial hard fork Bitcoin Cash and the financial problems of companies related to the industry suggest that in the cryptocurrency industry winter begins. According to the analytical team of Bloomberg, the declines on Bitcoin have not yet come to an end and can be continued up to the level of $ 1500.

Bloomberg predicts that "price drops can be continued up to $ 1,500, which would mean a drop by another 70% from current levels. The digital token lost 12% on Wednesday drawing annual pits and lost over 60% of the value from the beginning of the year. As a result, other large cryptocurrencies, including XRPs, are also falling strongly. "

Bitcoin Cash and the losses of computer hardware manufacturers drive declines.

The reason for the decline in sentiment in the industry, which directly translates into worse Bitcoin quotations is, among others, Thursday's hard fork (network division) Bitcoin Cash. Some investors claim that the appearance of two versions of the coin (which only a year ago separated from the original Bitcoin blocks) will have a negative impact on investments and will pull miners away from the most important assets of the market.

Another optimism is not the fact that the main producers of computer hardware, who supply the crypto-currency mining market, have published worse-than-expected sales forecasts. A flagship example is Nvidia pointing to the lack of demand from the digital asset industry, suggesting a slow decline in digging and its profitability. As a result, the company lost almost 19% on NASDAQ on Friday, opening up with a considerable downside and testing the lowest levels for over a year.

Bitcoin, after dynamic drops and drawing new annual lows, drew new short-term support above $ 5,500. If Bloomberg's forecasts were to prove themselves, the quotations would have to return to the levels observed last time at the beginning of last year's holidays, which is not such a distant time perspective.