A consultancy that has been spot-on about how far crypto markets would tank expects bitcoin to tank even further

• Research firm Quinlan & Associates' call that crypto markets would tank in 2018 has been spot on.
• If Quinlan continue to be right, then things will only get worse for bitcoin.

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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.

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 - driven by those cryptos with a clear utility - and reach $407 billion by 2020.

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