FxWirePro Call Review: Bitcoin reaches short-side target and beyond sooner than expected; another 45 percent decline likely

In late October this year, in an article named, “FxWirePro: Expect Bitcoin’s value to decline more than 40 percent by 2020”, available at https://www.econotimes.com/FxWirePro-Expect-Bitcoins-value-to-decline-more-than-40-percent-by-2020-1449635 we suggested that the price of Bitcoin is likely to decline by 40 percent from the then current rate of $6380 per coin to as low as $3800 per coin area.

We expected that the current economic environment, where fixed-income assets are gradually becoming more attractive with a higher yield at a time when acceptability and fungibility are two of the major issues faced by Bitcoin, would be detrimental to the price of Bitcoin.

Our forecasts have come true as BTC/USD traded as low as $3500 per coin. But, it was much sooner than we had anticipated. Based on the price action, our model suggests that the bearish sentiment surrounding Bitcoin is far stronger than we had originally anticipated. So, a further decline in the price is likely.

New forecasts:

Based on in-house models, we expect the price of Bitcoin to lose another 45 percent by the end of the decade and reach as low as $2000 per coin.