This year’s cryptocurrencies market’s slump forced many crypto enthusiasts and investors to wonder where Bitcoin (BTC) would go. According to Geoffrey Caveney, Bitcoin (BTC) could drop below $1,000 in 2019. Let’s see on what he based his statement and how the crypto community received this gloomy prediction about the leading cryptocurrency in the market.
In one of his articles, published just a couple of days ago, Geoffrey Caveney stated that Bitcoin (BTC) would experience the worst period of its existence for the rest of 2018 and 2019. According to Caveney, the BTC would drop to below $1,000 by the end of the next year.
According to Caveney, as the BTC rose from about $2,000 to $20,000, the asset can also drop from its nowadays value to $1,000 and even further to $0.01.
He blamed the massive investment in Bitcoin (BTC) despite the bearish market for being the cause for the gloomy future that awaits the BTC.
Geoffrey Caveney thinks Bitcoin (BTC) could drop to $1,000 in 2019 – How the crypto community received this prediction
“One of the biggest warning signs for me is the complacency and smugness I see among Bitcoin (BTC) and crypto bulls recently and currently. Anyone who watched CNBC’s recent week of specials on BTC and crypto had a chance to witness this. The look on their faces conveys the impression of ‘What, me worry?’ They act like they are not the least bit concerned about the risks involved with investing in and trading Bitcoin and cryptocurrencies,” Geoffrey’s article reads.
As Geoffrey reported, the Bitcoin (BTC) market of today is comparable with the “Dot Com” bubble of August 2000. The “Dot Com” market reached its maximum in March 2000, but investors didn’t know and kept in injecting money in various projects, and the market dropped in August 2000 and throughout 2001.
However, the crypto community is not in line with the predictions Geoffrey made on Bitcoin (BTC). Many cryptocurrency enthusiasts came out saying that big miners and investor would never let the BTC drop below $5,400 again just to keep their businesses profitable.