Stephen Innes Predicts Bitcoin Price Fall to $2500
Stephen Innes, the Asia-Pacific Head of Trading at foreign exchange brokerage Oanda has predicted the bitcoin price fall to as low as $2,500.
In a chat with Bloomberg Markets: Asia, Stephen Innes stated that despite the pronouncements of people who are predicting,, the current situation remains a decidedly negative one for investors, who will consequently continue to sell or avoid buying bitcoin.
Answering a question about how low bitcoin will fall before bottoming, Innes remarked that for a variety of reasons, cryptocurrency remains an unattractive market. The main reason behind this according to him is the atmosphere of uncertainty about where the market is headed as bitcoin continues to its protracted bear run.
“What I’m really looking at here is the way coins have been trading over the last few months. It’s indicated that the bottom is not in so therefore I don’t think any mature investor is willing to catch this falling knife. And that tells me there is more room to go and as soon as we hit some of these key round figure inflection points like $3500 and $2500, the psychological impact will weigh on more inexperienced traders.”
He also remarked that while he remains optimistic on blockchain as a long-term concern, the current atmosphere of uncertainty makes cryptocurrency unappealing in the near term to both experienced and inexperienced traders.
This he said, is made more glaring by the continued reluctance of Wall Street to get fully involved in cryptocurrency investment along side other factors.
He concluded by saying:
“Given the momentum we’ve had over the past year, this price action is not positive, and despite what soothsayers say, it’s not a good time to go in because we can’t quantify what we’re really buying at these levels so this is the issue I have with trying to understand coins at specific inflection points.”