Mike McGlone, one of the lead analysts at Bloomberg, used a relatively easy-to-understand methodology in his latest analysis. He took the patterns seen on the graphics of Amazon and NASDAQ and using them as a reference, tried to predict the future price of Bitcoin. The results are not satisfying for those who invested in Bitcoin on values greater than $800: Mr. McGlone warns that Bitcoin might reach $900 in its future fall.
The analyst himself tells that he made additional research of the market and after doing it, he was not satisfied with the current situation greatly reminding him of the dotcom crash.
This view about the similarity of cryptocurrency market right now and dotcom market in the 1990s is shared by quite a number of observers.
Recently JPMorgan, a major financial organization, has made another analysis in which it stated that Bitcoin can both drop to $4000 and grow to $16000 depending on the investors’ sentiment. The researchers of the world seemingly started to understand the volatility of Bitcoin and now they are telling about the wider range of prices in comparison to the prognoses of the last year.