Crypto brokerage firm BitOoda believes Bitcoin price could dip to $2,400

21 Jan, 2019
by Joeri Cant
Crypto brokerage firm BitOoda believes Bitcoin price could dip to $2,400

The Executive Vice President of crypto brokerage firm BitOoda, Brian Donovan, said that he believes Bitcoin will see a further drop to $2,400 before finding its footing.

According to CCN, the Executive Vice President at BitOoda, wrote in a daily note to clients, that Bitcoin is mimicking the trajectory of the 2011 silver bubble.

BitOoda had been tracking similarities in the 2011 silver bubble, and predicted in early December 2018, that Bitcoin would likely crash toward lows of around $3,200 within one to three months. Less than two weeks later, BTC/USD plunged to that exact yearly low.

The crypto brokerage firm continues to believe that silver’s 2011 boom and bust provides hints about bitcoin’s mid-term prospects.

According to Brian Donovan, that would mean a painful forecast that could see the number one cryptocurrency drop as low as $2,400 before finding bottom.

'We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400', Donovan wrote.

However, Donovan points out that his next sell-off could be just what the cryptocurrency market needs.

'If this occurs, we believe new institutional players will enter this space to start reallocating their assets and resources into Cryptocurrencies', he said.

'Since BTC has first-mover advantage and name recognition, we think this would be the coin that Wall Street uses as an avenue to invest in to get digital asset exposure.'

Read more: Is Bitcoin dead? 8 reasons why it is NOT

Unfortunately the future remains unknowable, but as we hear more and more positive voices coming out in favor of Bitcoin, cryptocurrency investors might see Bitcoin reaching for new all-time-highs in 2019, which is something all cryptocurrency investors would love to see.

Wherever Bitcoin is headed by the end of 2019, it is going to be an exciting ride getting there.

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Read more about: Bitcoin (BTC)


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