A consultancy that has been spot-on about how far crypto markets would tank expects bitcoin to tank even further
At the beginning of the year, consultancy Quinlan & Associates made a call that the bitcoin markets would tank in 2018.
And so, far the firm's predication has been spot on.
Quinlan & Associates put out a report in early January titled "Fool's Gold: Unearthing The World of Cryptocurrency" in which they outline a case for the crypto markets dropping in value to a total $223 billion in 2018. At last check, the market was down to $233 billion, according to CoinMarketCap data.
Quinlan & Associates At the same time Quinlan made the call, other market observers were calling for bitcoin to hit $25,000 to $40,000 in 2018.
As for bitcoin, the consultancy expects crypto to dive even lower from its current price just below $5,900 to $1,800 by December.
"'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," said Benjamin Quinlan, chief executive and managing partner, in a statement shared with Business Insider at the time of the January report.
Despite the bearish call on bitcoin, the firm expects the cryptocurrency market to rebound â driven by those cryptos with a clear utility â and reach $407 billion by 2020.
