Money

Analyst Predicts Bitcoin Price Drop To $2,800 This Year

Bitcoin’s pending “death cross” has left investors worried and confused.

According to a graph posted by Bloomberg, the 50-day moving average is getting close to the 200-day moving average. If it touches the latter, or worse, goes below it, bitcoin will suffer a great loss.

Considering these trends and comparing these activities to BTC’s price in 2013, technical analyst Paul Day from Market Securities Dubai Ltd., has claimed that the value will eventually drop to $2,800. “There’s been a definitive shift over the past couple of months after the bubble activity at the end of 2017,” said Day.

2013 is often remembered as one of the worst crashes in BTC history. First, the price dropped from $233 to $67 in April, a 71% drop in 12 hours, then the price remained extremely volatile in the last two months. It broke records on Nov. 30, 2013, with a value of $1,126, but declined by 19% within 24 hours, only to recover on Dec. 5, 2013 to $1,155. The price kept decreasing by 41% and increasing by 47%, before dropping to a surprising value of $503 on Dec. 19, 2013. From an all-time high of the first week of December, the price had declined by 56%. The price drop was such that it took bitcoin over three years to finally cross the $1,000 barrier again.

Day isn’t the only analyst predicting a low value for bitcoin in the future. Robert Sluymer, technical strategist at Fundstrat Global Advisors, wrote that “Bitcoin will begin to show evidence of bottoming short-term closer to $5,873.” Charlie Munger, Vice Chairman of Berkshire Hathaway Inc., has openly called bitcoin “a noxious poison”. Munger also called it disgusting and said that he hated it ever since it was created.

Meanwhile, bitcoin bull John Mcafee predicted that the price will reach $1 million by the year 2020. Even Jamie Dimon, JPMorgan Chase’s chairman and CEO, who previously called BTC a ‘bubble’ has amended his statements. “I regret making comments saying Bitcoin is a fraud. The blockchain is real. You can have crypto yen and dollars and stuff like that, ” said Dimon.

This story originally appeared in CCN. Image courtesy of Jack Guez/AFP/Getty Images.

Join The Discussion

Paris Attacks Suspect Gets 20-Year Sentence In Belgium
Paris Attacks Suspect Gets 20-Year Sentence In Belgium [Video]
Macron To Push Trump On Iran Deal, Says There’s No Plan B
Macron To Push Trump On Iran Deal, Says There’s No ‘Plan B’ [Video]
Thousands Sing ‘Happy Birthday’ To Queen Elizabeth II
Thousands Sing ‘Happy Birthday’ To Queen Elizabeth II [Video]
ournalist Among 25 killed As Unrest Escalates In Nicaragua
Journalist Among 25 killed As Unrest Escalates In Nicaragua [Video]
20% Of Banks And Hedge funds Are Looking To Trade Cryptocurrencies Soon
20% Of Banks And Hedge funds Are Looking To Trade Cryptocurrencies Soon
Indian Police Arrest Operators Of $2.6 Million Bitcoin Ponzi
Indian Police Arrest Operators Of $2.6 Million Bitcoin Ponzi
Do Crypto Trading Bots Really Work
Do Crypto Trading Bots Really Work?
Savedroid’s ‘Exit Scam’ Stunt Was Irresponsible
Savedroid’s ‘Exit Scam’ Stunt Was Irresponsible
Neil Patel and Eric Siu
How Successful Marketers Think [Podcast]
Why Brands Need To Utilize Influencer Marketing In 2018
Why Brands Need To Utilize Influencer Marketing In 2018 [Infographic]
Digital Advertising Trends In 2018
Digital Advertising Trends In 2018 [Infographic]
9 Reasons Your Business Needs Video
9 Reasons Your Business Needs Video [Infographic]
Facebook Updates
Facebook Outlines New Video Monetization And Promotion Tools
Pinterest Redesigns Business Profile Pages With Monthly Viewer Counts
Pinterest Redesigns Business Profile Pages With Monthly Viewer Counts
Facebook's Working On A Powerful New Ad Targeting Option
Facebook’s Working On A Powerful New Ad Targeting Option
Instagram To Let Users Download Everything They Have Ever Shared
Instagram To Let Users Download Everything They Have Ever Shared
How Passion Could Lead Your Life
How Passion Could Lead Your Life [Podcast]
Top 10 Reasons To Discover Your Strengths
Top 10 Reasons To Discover Your Strengths
4 Powerful Solutions To Help Stop And Prevent Burnout
4 Powerful Solutions To Help Stop And Prevent Burnout
Most People Think Success Defines Them. Here’s Why That’s Wrong
Most People Think Success Defines Them. Here’s Why That’s Wrong