MAJOR: Bitcoin poised to drop by 80%, warns expert

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Bitcoin cryptocurrency can be cheaper by 80%. According to RBC, referring to the forecast made by analyst Peter Brand , the cost of the main digital coin will update the minimum of December 2018, if the parabolic growth does not continue in the near future.

“The parabolic trend continues to weaken, which means that the value of the first cryptocurrency can drop sharply by 80% after a 7-month increase,” trader Peter Brandt warned. According to the analyst, if this happens, the rate of the main digital coin will fall below the December minimum of $ 3,200.

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The expert stressed that the correction may not be so sharp. Now a technical analysis of the Bitcoin exchange rate chart indicates a possible reversal of the market from the downward to the uptrend, but so far this has not been confirmed. 

Bitcoin’s value is declining from the previously reached high mark of almost $ 13 thousand. The value of bitcoin broke through the $ 13,000 mark for the first time since January 2018, when the exchange rate collapsed sharply, reaching a historic high of $ 20,000 before that.

Meanwhile, over the past day, the cost of Bitcoin rose by 2%, to $ 11,430. Ethereum went up by 6%, to $ 305, XRP – by $ 0.393.

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