Analysts at JP Morgan predict the price of Bitcoin could fall to $1260, which suggests that the Bitcoin price could drop more than 50% from its current price.
Bitcoin continues on its roller-coaster ride falling from a high of almost $20,000 on December 2017 to around $3500 at press time. While such a price trend is not surprising in the world of cryptocurrency, the crypto market hasn’t experienced a correction of this scale since 2014, when the price of the top ranking digital currency tumbled by over 85%. But will it simply keep falling?
Market analysts warn the collapse may not yet be over
Analysts from the Wall Street giant JP Morgan recently expressed their bearish views on the world’s largest cryptocurrency by market cap. They remain convinced that the price of the flagship cryptocurrency will drop well below $1,260.
The analysts further stated that the crashing crypto market had frightened long-awaited institutional investors who many in the industry have been waiting on to trigger the next bull run. What we have right now in the market are individual traders.
The price of the leading digital token has dropped more than $15,000 since December 2017. Many altcoins like Ethereum (ETH) and Ripple (XRP) are faring worse than Bitcoin. And, the broader cryptocurrency market has shed off over $700 billion in total market capitalization.
Thankfully, not all market analysts are as bearish as those at JP Morgan. Despite the current state of the cryptocurrency market, John McAfee, the godfather of antivirus software, continues to give bullish predictions. Though he hasn’t given any price prediction for 2019, he maintains the price of Bitcoin will hit the $1 million mark by 2020.
Even so, crypto pundits and bulls like Tom Lee and Mike Novogratz don’t share McAfee’s optimism. Novogratz told Financial Times in an interview that Bitcoin could hit $10,000 by the end of the 1st quarter of 2019. After that, it will go back to its all-time high of $20K by the end of 2019.