Ominous Wall Street predictions hammer bitcoin as price decline continues

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Bitcoin’s price is in the gutter — well, if you compare with that $19,940 peak about a month ago. At its current price of $10,437, it’s still up roughly 1,100 percent in the past 12 months.

The recent drop could be a result of a recurring trend that’s in fashion again: Wall Street experts and analysts having a contest in predicting how low Bitcoin could go.

Peter Boockvar, chief investment officer at Bleakley Advisory Group, predicted Bitcoin could drop to as low as $1,000 per coin this year, CNBC reported Sunday. According to Boockvar, bitcoin is a “classic bubble,” one that might burst as soon as central banks worldwide start increasing interest rates. Read more…

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