Bitcoin’s (BTC) Price Is Pendulating between the Bullish and the Bearish Market Trends, Where will it finally Rest?
Crypto researchers have been predicting the plummeting of the world’s largest cryptocurrency- Bitcoin BTC. The cryptocurrency is getting good attention from both kinds of market predictions, i.e., optimistic as well as the pessimistic. The hopeful side predicts that with the consistent keeping above the key support level, there will be a rise in the volume and so a breakout is inevitable. Whereas, on the other hand, the naysayers are inclining towards further lows in the near future.
According to the Willy Woo, who has made a mark on the market with his cautious optimism, there is a possibility of an all dramatic time movement in the Bitcoin’s price. Woo thinks a steep downturn is around the corner for the BTC. He based his prediction on the number of open long and short interest on Bitfinex’s Bitcoin contracts. He also took reference from the recent market’s reaction towards the fluctuation in the numbers. This kind of two-sided possibility reigned the crypto market back in the early months of the last year. If we look at the trends of the market till date, then we will find that both the minimal long as well as the short positioning have been running parallel and coinciding with the market prices of the cryptocurrencies since a long time. It has affected both the bearish and the bullish market price trends. In such situations, playing by the ear becomes the best approach.
Willy Woo pointed out that the prices of BTC fell down steeply when the last time the market was indecisive. One can draw a similar conclusion for the low futures volume that took place in January 2018, April 2018, August 2018, as well as the time just before the downfall in the cryptocurrencies on Bitcoin Cash hard fork time. On his Twitter handle, Woo posted the following opinion-
The last time the market was more indecisive was at the start of 2018. Zones of minimal Long + Short positioning have historically coincided with bearish price action during bear markets (opposite is true for bull markets). When undecided, "the trend is your friend" prevails. pic.twitter.com/xwAkXrqKI3
— Willy Woo (@woonomic) March 3, 2019
He did not make any specific price predictions but mainly pointed towards the possible downturn, based on the historical turn of events in the crypto sphere. If his predictions will come true, can you imagine where the crypto rates will fall?
Looking at the Bitcoin’s sell-offs from the past, any further dip from the current rates might bring about a twenty-five percent fall at the least. This would mean that the crypto may go lower than 3k U.S. Dollar mark. This anticipated mark is not way far off from what we saw in the last year’s December, i.e., 3,150 U.S. Dollars.
The pessimism or the warnings don’t stop here. Some are also predicting a further dip than 3K U.S. Dollars mark. The anticipated rate is 2K U.S. Dollars. According to the reports- ‘Financial Survivalism, an up-and-coming analyst centered around Bitcoin’ has lately posted a ‘harrowing’ comment on the social platform- Twitter. As per the comment, there are a high chance of Bitcoin’s prices to replicate the price trends from September 20th to November 25th, 2018, if the cryptocurrency continues to fall short of overcoming the long term downwards trend at around 4600 U.S. Dollars. In Feb Survivalism, posted the following comment on Twitter-
@MustStopMurad is calling for a bottom in #Bitcoin in the $1,600 – $2,300 area. I'm calling for a return to Phase 1 of the #Hyperwave at $1,165 & could see it spiking even lower.
I proposed a 0.1 $BTC bet & Murad accepted! Terms are $1,165 gets hit on Bitstamp before $10,200. pic.twitter.com/rJemdn8rhw
— Tyler D. Coates (alphαnalysis.io) (@Sawcruhteez) February 15, 2019
He also pointed at the market trends based on the price graph on his Twitter handle when he said-
Here is the macro chart which I am following most closely. Has been progressing very nicely over the last couple weeks. Notice how we had a similar Adam & Eve pattern in the 2015 bear market that provided a dead cat bounce which was quickly rejected by the 200 EMA. $BTC #Bitcoin pic.twitter.com/y7MCIf73ql
— Tyler D. Coates (alphαnalysis.io) (@Sawcruhteez) February 15, 2019
Scratching the heights of pessimism- if the analyst’s Bitcoin predictions turn out to be true then, the world’s largest cryptocurrency may end up trading flat. And this may continue to occur or at least two to three months, before the currency will meet the dramatic 800 U.S. Dollars mark. Yes, this would be the darkest time, but his points bring our attention to the market trends and the reactions it has got by far. He was also found stating his opinion about the flagship crypto on another occasion. He said it could touch 1165 U.S. Dollars mark before 10200 U.S. Dollars mark.
Other commentators supported the possibility of the BTC rates to touch the 2k U.S. Dollars mark. For example, Murad Mahmudov predicted a further downfall months ago based on the historical price trends and the fundamentals.
