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.

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 — driven by those cryptos with a clear utility — and reach $407 billion by 2020. Get the latest Bitcoin price here.>> 37 brilliant questions to ask at the end of every job interview 36 words and phrases you should never include on your résumé 11 innovative egg gadgets that will cut down on the time it takes to make breakfast 31 beloved snacks you’ll never be able to eat again Share your opinion — Become a BI Insider today 41 jobs to avoid if you hate stress A look at the demanding schedule of Elon Musk, who works in 5-minute slots, skips breakfast, and largely avoids emails LIONEL MESSI: How the most expensive soccer player in the world spends his millions Read more from…

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