Since it’s All-Time-High in December 2017, Bitcoin has been stuck in a the price range of $3,000 and $4,000. However, Bitcoin experienced a sharp and unexpected rally on April 4, 2019. This positive uprise is spreading across to other altcoins and now financial analysts and predictors are now predicting what the near future holds for the crypto market.
A particular Analyst has printed the future of bitcoin via tweet where he listed five reasons why BTC will not go below the $2,000 to home the price signifies bitcoin’s bottom. He lists the technical indicators governing bitcoin’s price fluctuation as,
1) Miners already capitulated (difficulty -25% Nov/Dec)
2) Too close to the Halving (14 months)
3) BTC never dropped below geometric mean ($2750)
4) BTC never dropped below 50% of stock-to-flow model ($5500)
5) RSI bottomed at (42) now rising
He accompanied his reasons with graphical representations as he explains continuously why BTC will not fall below that level.
On the other hand, a study of past Bitcoin prices indicated that the halving of mining rewards has a particular pattern that has caught the eye. What is means is that the study discovered that the price of bitcoin always falls by 40%-50%when the next halving is at hand. This means that during the next halving which is 14 months away, the price of bitcoin can go to $2000.
Why #bitcoin will not drop under $2k:
1) Miners already capitulated (difficulty -25% Nov/Dec)
2) Too close to the Halving (14 months)
3) BTC never dropped below geometric mean ($2750)
4) BTC never dropped below 50% of stock-to-flow model ($5500)
5) RSI bottomed at (42) now rising pic.twitter.com/qJyFvKQcLQ— PlanB (@100trillionUSD) March 5, 2019
Tony Vays, a former Wall Street analyst holds a contrary opinion. He believes that bitcoin will experience a downward price movement rather than going in the opposite direction. According to Vays, Bitcoin will still go low and he has predicted $1,300 as the worst-case scenario that BTC will get to.
Despite the predictions of downward trends, positive sentiments remain strong among Bitcoin lovers. Brian Kelly, the founder of BKCM LLC predicts that Bitcoin could break the $6,000 psychological barrier and even go as high as $6,500.
Technical indicators point to positive price shift for Bitcoin in the near future. We can clearly see this from the movement of the market to $5200. Do you think that the price of Bitcoin will fall or rise in 2019? Share your thoughts with us in the comments below.
