Will Bitcoin Continue Falling Towards $3000?

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According to Anthony Pompliano, Bitcoin (BTC) may fall as much as 85% from its ATH (all-time-high) – down to $3000. During his interview with the CNBC, the crypto investor expressed that there are multiple important factors to remember regarding current BTC price.

“First, [Bitcoin] is the most secure transaction settlement layer in the world, so it’s got to be worth something […] it’s the best performing asset class over the past ten years – it’s outperformed S&P, DOW, NASDAQ, etc. during the longest bull run. It experienced two 85 percent drops during that time, but [it’s] still up over 400 percent in the last two years.”

Pompliano added that it’s important to keep in mind that all of Bitcoin’s past price changes were only driven by individual investors. No significant institutional players were involved yet. But many of those are already planning to enter the market next year.

According to CEO of Civic, Vinny Lingham, we will be looking at low BTC prices at least for another 3-6 months. Lingham believes that BTC will trade between $3000 and $5000 during that time before it breaks out.

Bitcoin is currently trading at $3720 forcing many miners out of business. Mining remains profitable in areas with low electricity cost, but according to F2pool as many as 800k machines were already disconnected from the network.

Images by Shutterstock.com

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