Quinlan & Associates, a strategy consulting firm that has successfully prophecied the fate of Bitcoin prices in the past, has recently spoken again, saying that the Bitcoin market will collapse even further.
At the beginning of this year, Quinlan & Associates released a report titled “Fool’s Gold: Unearthing The World of Cryptocurrency”. This document outlined a case in future [in 2018] where the crypto market would crash with a total drop of about $223 billion. According to CoinMarketCap, the recent market prices tumbled down to a $233 billion.
While Quinlan made an expert prediction of crypto prices, the same time frame saw other market speculators calling Bitcoin to range from $25,000 to $40,000, in 2018.
However, on June 30th, the prices pumped up for almost all the big coins as the market went up again. The strategy firm expects crypto prices to plunge even lower, ranging below $5,900 to $1,800 by the month of December.
Benjamin Quinlan, managing partner and CEO of Quinlan & Associates, after the January report was released, said:
“Despite fulfilling most of the characteristics of a traditional fiat currency, cryptocurrencies are largely being utilized as speculative investment assets, leading to considerable volatility in their value.”
Interestingly enough, the firm also expects an overall rebound state for the crypto market by the year 2020, believing that only those cryptocurrencies with a ‘clear utility’ will make it in the future and boost the crypto economy. The speculation of the rise is up to $407 billion.
At the time of writing, Bitcoin is trading at $6,452 with a market cap of over $110 billion. The coin has seen a steep jump of 9.26% in the last 24-hours, and a trading v0lume of $4.75 billion.
Today, along with Bitcoin, other big coins like Ripple [XRP], Tron [TRX], Ethereum [ETH], Litecoin [LTC] have also seen a major bounce, sending the prices as high as at least 7%.