Bitcoin, which has lost much of its value in November after months of relative stability, is possibly heading towards $1,500, according to a Bloomberg analyst.
In a note, Bloomberg technical analyst Mike McGlone stated that the prices for Bitcoin and other cryptocurrencies are likely to weaken.
McGlone wrote, “There’s little to prevent fading Bitcoin prices from reaching the continuous mean of $1,500.” He attributed the ‘rush to the exits among investors’ to the Bitcoin Cash split and selling related to year-end tax purposes, among other things.
From its December 2017 peak of around $19,511, the largest cryprocurrency has fallen around 80 percent.
Earlier, the price had tumbled to around $6,600 in July from about $9,300 in May.
The Average Directional Index, or ADX, a technical indicator that rises as negative selling trends strengthen, is at its highest level since July, the report noted. ADX is currently hovering around 47.
Bitcoin was trading at $3,823.37, down 1.62 percent over 24 hours, with a market cap of $66.56 billion, according to Coinmarketcap.
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