Bloomberg’s Intelligence Agency came out with an interesting prediction this week, reporting that Bitcoin “has further to fail.” According to analysts, Bitcoin is not boring anymore and the price could continue falling to a point as low as $1,500, which would be a 70 percent drop from the current price.

According to Travis Kiling, a hedge-fund founder and inspiration for Bloomberg’s stance, “There’s a small chance that, it’s difficult to estimate, that something really bad could happen related to Bitcoin cash that could then impact the entire crypto market.” Mike McGlone, a Bloomberg analyst, expanded upon Kiling’s argument, stating that the recent condition of the market was due to Bitcoin cash’s hard fork and that the “pump that began a few weeks ago, got the market a bit too offside with speculative longs playing for the good-old days. But this is an enduring bear market.”

Bitcoin’s poor price scheme has reverberated throughout the market. For example, Nvidia also reported that its sales have decreased because of the fewer GPUs needed for mining. Moreover, Rob Sluymer stated that if Bitcoin is to rebound, it will take weeks – if not months. The scene looks quite dire indeed.

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