Following Bitcoin Cash hash war and prolonged flat situation on the market, the major cryptocurrency has declined to new lows today. At the time of writing BTC market cap is approximately 89 billion, which is a 13-month low. Other cryptocurrencies, especially Ethereum, EOS, Monero, NEO, and Litecoin, are also taking a bloodbath.
Many analysts, as usual, predict deepening of the downtrend. According to them, the major cryptocurrency’s price can decrease to $5,000 or even $4,000. Bloоmberg experts even say that it will find the bottom at $1,500 mark. Whom should we believe? You know, bad predictions activate while blood is in the streets, though positive forecast is usually expressed during the bull market. But often both types of forecasts are wrong. We believe that the market can start to recover after Bakkt launch and potential ETF adoption.
In the worst case the market will be in stagnation till the Bitcoin halving in 2020. But, in our opinion, this is unlikely as many small companies would have to stop BTC mining due to non-profitability.
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