A Wall Street consulting firm predicts a serious decline in the cryptocurrency market this year.
The Quinlan & Associates report, which consists of 156 pages, concludes that Bitcoin will drop to $ 1,800 at the end of this year.
At their current price, consultants see the market for cryptocurrency as a balloon that is expected to burst.
Given that Bitcoin is not widely accepted as a means of payment, the analysts' expectations are that the cryptocurrency market will drop by 70%.
With the current market capitalization of more than $ 700 billion, this would mean a fall of about $ 223 billion.
The consultants also set a longer-term forecast for the price of the most popular digital currency.
According to them, the cost of the Bitcoin in 2020 will be only 810 dollars per number, compared to the current 14,300 dollars.
Despite the expected decline in the coming years, the market capitalization of all cryptocurrencies is expected to increase in the future compared to the projected $ 223 billion at the end of this year.
According to Quinlan & Associates, by the end of 2020, all cryptocurrency will be valued at 407 billion dollars. The rise will come mainly from those cryptocurrencies with great utility for society and also from the new emerging ones.