Bitcoin cryptocurrency price continued to fall this week, plummeting to $ 5,806 a dollar on Thursday. A blockchain expert has now warned, "There is more blood."
In early March, the virtual currency was more than $ 11,000 per coin, since then on Friday at about $ 5,900. The headline-heavy "Internet money" sold for over $ 19,000 at the end of 2017 was a dramatic decline.
Ran Neuner, the founder of a blockchain company, predicted that the Bitcoin price would fall to $ 5,900 this month CNBC this week that his models suggest that the decline is still long is not over.
"Unfortunately, the same model tells us that we would rise to $ 5,900, that there is more blood to come," said Neuner, who runs the company technology company Onchain. "[The model] calls a 62 percent chance of one Bear market, and a bear market means we'll test $ 5,350 as the next point, "he added, claiming that the ongoing crash will take place in the next two weeks.
Neuner claimed, "Right now my G is going Further down the market. "
Online, the cryptocurrency community appears in conflict. For some investors, the low bitcoin price is seen as a buying opportunity. Others, scared of the numbers, are urgently selling their fortunes. Neuner said a person's position depends on their motivation to buy cryptography.
"It depends on your time horizon," he explained. "If you understand the technology and you're a cop, now is a good time to buy.
" We know there were 27,000 blockchain startups in 2017. In the first six months of 2018, there were 28,000 blockchain startups. There is a huge venture capital scene that Blockchain is progressing [so] This thing will not go away. If you practice day trading, I'll call $ 5,350 in the next week or two, so maybe you could take a short position, and probably it's 10 percent. "
A" short position "describes the process of investors falling on a declining path and basically betting against the market itself in order to make quick financial gains." Neuner said on Twitter that his forecast model Artificial Intelligence (AI) technology used to predict prices.
CryptoCompare, a website that features cryptocurrencies in real time, other virtual coins including Ethereum, Ripple, and Litecoin, have suffered blow to varying degrees this week.
The Reasons Bitcoin crashes are difficult for analysts to formulate as the market remains volatile, but they are increasingly under pressure from regulators and major government agencies, and many economists, commentators, and bank chiefs warned last year that high prices are unsustainable. 19659002] Initial Coin Offerings (ICO), much like crowdfunding, were approved by the regulator n violently criticized. Elsewhere, crypto-swap exchanges used to buy and sell coins have suffered significant losses in recent months.
On Thursday, banking expert Sam Woods wrote a letter to banks, insurance companies and investment firms that warned of the risks involved with crypto assets.
"The range of crypto asset products and market participants has grown rapidly, and in its short history, crypto assets have shown high price volatility and relative illiquidity," he wrote.
"Crypto assets also raise concerns about misconduct and market integrity, and many appear vulnerable to fraud and manipulation as well as money laundering and terrorist financing risks," he added. "Including activities related to cryptosystems can also lead to reputational risks."
A similar warning was issued last December by SEC Chairman Jay Clayton.