Are the Prophecies Around Bitcoin (BTC) Rates to Fall Down TO $1,100, True?
The world’s largest cryptocurrency- Bitcoin BTC has always been a hot topic of the crypto world and has always won the investor sentiment over the other digital currencies. It gets surrounded by all kinds of predictions every now and then. Recently the founder of ADVFN- Clem Chambers expressed his concerns of the digital currency to fall down to 2,500 dollars, as per the reports from newsource, Ethereumworldnews. Chambers was basically basing the statement on the past twelve months performance of the cryptocurrency.
On the other hand, based on the fractals viewpoint, another crypto analyst prophesied that the downturn of 2,500 Dollars rate for the Bitcoin will rather be ‘beginning point.’ It could dip to newer lows such as of 1,100 Dollars.
Another side of the prediction rounds revealed ‘an amazing fractal repetition’ for the digital currency. A popular Houston based charting platform for cryptocurrencies, stocks and forex –‘Magic Poop Cannon’ predicted about Bitcoin on TradingView recently. In addition, there were predictions about Litecoin LTC too. As per Magic, since July last year, LTC is in long term vicious downturn. He also noted the presence of a growing pattern in how Litecoin has moved on the ‘day to day.’ It may add Moero-esque confidential transactions that took place this year.
On 29th Jan, Charlie Lee made an announcement on the social platform- ‘Twitter’ about the Litecoin Foundation’s plans of implementing confidential transactions on the network. This in return will make Litecoin more fungible. As per Lee ‘fungibility’ was the missing feature from both Litecoin and Bitcoin. IN his twitter post he said-
“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. […] I am now focused on making Litecoin more fungible by adding Confidential Transactions.”
If we look closely from November last year till date, one can notice almost perfect ‘replication of expansion and contraction in the Bollinger Bands.’ Further Magic combined this pattern with the price analysis and therefore pointed at the probable declining pattern for LTC. In recent times, there has been a lot of activity in the performance graph of LTC where one could see linear falls, a little bit of recovery, touching the peak once and two more times and so on. All these activities still recorded consistent comparatively lower highs, which made Magic conclude that Litecoin may face a dip that may go as low as 6 dollars.
Magic pointed out that a similar pattern and therefore, a similar prediction can be used for Bitcoin. Therefore, based on the Bollinger Bands model, Bitcoin too can fall to low rates of 1,100 Dollars. In a tweet, he explained why he expects the cryptocurrencies to fall so much. And this reason is not based on the charts. He says that it is ‘almost like we need to go way lower.’ This spell of downturn won’t cleanse the crypto industry of the bad actors. He further said- ‘leeches that need to be exterminated.’ His tweet read as-
“It’s almost like we NEED to go way lower, to cleanse the crypto space of the shitcoin projects and the fraud. They’re leaches that need to be exterminated.”
Travis Kling shares the sentiment of Magic. Kling is an upcoming crypto hedge fund who is a long term believer in the non- sovereign nature of BTC. According to Kling, the crypto industry is not ready yet for the bull run. As per him ‘crypto is dead.’ On 28th Jan he posted a tweet which read as-
“More exchanges gone. More projects shuttering. More SEC enforcements. More developer ragequits. More ICO Treasury selling. More layoffs. More fund liquidations. More scammers exposed. More failed cap raises. More “crypto is dead”. Only then do we move higher :)”
On the other hand, Murad Mahmudov also thinks that the prices of Bitcoin will go as low as 1,700 Dollars. As per his Bitcoin predictions, there are chances of BTC to ‘wick down’ to the range of 1,700 dollars. He based his statement on the past patterns and the way in 2017 the bubble got overstretched.