Bloomberg Intelligence: bitcoin price may fall to $ 900

Mike McGlone, the Bloomberg Intelligence analytical division's commodity strategy, believes that the probability of a 90% collapse in the price of bitcoin under conditions of uncontrolled supply growth in the market is quite high. Reports Bloomberg about it.

"I study this topic long and thoroughly, and the more research I do, the more I tend to bearish moods. It's all very reminiscent of the Internet company of the late 90s," said McGlone.
Despite the fact that the issue of the bitcoin Protocol is clearly limited to 21 million units, forks, in his opinion, indicate that more than 50 million coins have been created on the basis of the original blockchain [bitcoin]. McGlone is convinced that nothing can stop representatives of the industry from endless cloning of bitcoin.

"Parabolic growth of supply on the market of cryptocurrencies is not possible to correctly evaluate it. There is a strong gravitational attraction to $900 per bitcoin, the average price since the beginning of 2017," the strategist added.
It should be noted that the number of traded digital currencies for the year increased by 120%.

We will remind, analysts at JPMorgan&Chase predicted the fall of bitcoin prices to $4605.