Bitcoin Price Will Likely Fall to $1,500: Bloomberg Analyst

On the back of a grueling quarter, the bitcoin price could still see tougher times ahead. One analyst over at Bloomberg sees the flagship cryptocurrency possibly heading toward $1,500.

Indeed, bitcoin had a dismal November, as part of a difficult year overall for the crypto market, though the past few days have seen slightly more stability from crypto’s largest asset. However, today it seems that the selling has resumed. Bitcoin has dropped nearly $200 already today, from just over $3,900 down to $3,739 as of the time of writing.

In a report released today, Bloomberg technical analyst Mike McGlone explained that bitcoin is currently stuck in stiff downward momentum.

According to a chart indicator called the Average Directional Index (ADI for short), BTC is at a peak not seen since July. If the indicator is high, it shows high levels of downward trend vigor. McGlone said that he sees a possible price target of $1,500 for bitcoin. Hitting that price would…