An author and contrarian Geoffrey Caveney has offered an answer to this question, saying bitcoin is headed for a far worse downward trend possibly from the rest of 2018 to the next two years at least.
In an article published on 14 September, Caveney said the projections of bottom prices for bitcoin have been too high and so give investors a false sense of security.
Comparing the bitcoin trend of 2017 and 2018, he said if the price of the asset could rise from $1,700 to $19,000 then it is possible for it to fall below $1,000 even saying it could reach $0.01.
According to the article, Caveny doesn’t think now is the best time to invest in bitcoin simply because the prices are down as opposed to what some authors have written about expert opinions on market trends.
He blamed the massive investment in bitcoin despite the negative market trends on “bitcoin and crypto bulls” who he said keep a straight face and act like nothing has gone wrong with the market, saying everyone investing now will be disappointed soon.
