Bitcoin will possibly plunge to $900

Bitcoin could plunge a further 90% in an environment of unsustainably growing supply, according to Mike McGlone, Bloomberg Intelligence commodity strategist. Using Amazon.com Inc. and the Nasdaq Composite Index’s rise and retreat at the turn of the millennium as a proxy, he predicted the cryptocurrency to plunge to $900. There are already more than 50 million outstanding coins based on the original blockchain, though the creators of Bitcoin intended to limit supply to 21 million. The number of tradable cryptocurrencies jumped 120% in the past year. “There’s strong gravitational pull toward $900, the average price since inception and the start of 2017,» — said McGlone.