Bitcoin news: BTC could be set for another price plunge, say analysts (Image: GETTY)
But the digital asset could be due even more difficult times ahead, a Bloomberg analyst has predicted. Mike McGlone gave a gloomy forecast for BTC, suggesting its price could be heading towards $1,500 (£1,170). His comments come after the flagship currency's abysmal November, which was part of tough overall year for cryptocurrency markets.
BTC had begun to find stability over the past few days - but the reduced volatility appeared to be short-lived when the leading crypto bottomed out at $3,310 (£2,600) at 1.28am on Friday.
The sudden price plunge meant the asset had dropped to its lowest level - in terms of price - in all of 2018.
In a report released on December 5, Bloomberg technical analyst Mike McGlone explained bitcoin is currently stuck in a downward (bearish) momentum.
He said: “There’s little to prevent fading bitcoin prices from reaching the continuous mean of $1,500 (£1,170).
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Bitcoin price CRASH: a chart shows how bitcoin's value has fallen over the past 24 hours (Image: CoinMarketCap)
“A rush to the exits among investors seems to be in place.
“The hard fork was a key trigger that signalled the technology is way too nascent.
“You had these dicey characters threatening to destroy each other and institutions said ‘It might be best if we stay away from this for a while’.”
The so-called “hard fork” to which Mr McGlone referred was widely blamed for November’s price plummet.
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Bitcoin is the world's leading cryptocurrency (Image: GETTY)
A chart shows the