Princeton Graduate Murad Mahmudov: Look for Bitcoin (BTC) Price As Low as $1,800 or $2,400 Still
The bears are still in control of the market and this can be seen in what analysts are currently saying about Bitcoin (BTC). According to Murad Mahmudov, Bitcoin could bottom between $1,800 and $2,400. He said that during a conversation with the Bitcoin investor Tone Vays.
In 2017, Bitcoin and other virtual currencies had a very positive year. Bitcoin reached an all-time high in December 2017 ($20,000) and other virtual currencies reached new records at the beginning of 2018. Since that moment, most of the virtual currencies fell to the lowest point in more than a year.
During their conversation, they talked about the market, Bitcoin and many other virtual currencies. Mahmudov explained that Bitcoin could still bottom between $1,800 and $2,400 in the near future before starting to grow again. Bitcoin would have to drop almost 50% if it wants to reach these low levels in the future.
Mahmudov commented that several digital assets in the market such as Ethereum (ETH), XRP or EOS are overvalued and this is something that investors should pay attention to. If those coins fall, they could drag Bitcoin down as well.
Vays said that there is a 30% chance that Bitcoin has bottomed. However, he went on saying that Bitcoin could go as low as $1,000 before starting a new bullish trend. Another important analyst in the crypto space, Anthony Pompliano, has previously claimed that Bitcoin could still fall under $3,000 if the VanEck and SolidX Bitcoin ETF proposal is rejected by the U.S. Securities and Exchange Commission (SEC).
Although they both seemed bearish about this, they believe that after the bottom, Bitcoin will start to grow once again. In the long-term, they remain very bullish about the future of Bitcoin and the potential it has to revolutionise global finance.
Currently, Bitcoin is being traded close to $3,800 and it has a market capitalization of $66.35 billion. In the last 24 hours, it has lost 1.04% of its value according to CoinMarketCap.