• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Price Targets at Bottom Show That Crypto Markets Are Unpredictable

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
Advertisement

As Bitcoin price inches closer to $10,000, the market is still showing signs of disbelief due to the speed and power at which Bitcoin rose out of the depths of the bear market. No one expected the crypto asset to spike so strongly following the longest bear market on record.

The price targets thrown around by crypto investors around the time the bottom was put in – around mid-December – clearly display just how unpredictable the crypto market is, as no one at all was calling for Bitcoin to breach $6,000 and so quickly be knocking at $10,000’s door.

Overly Confident Crypto Investors Completely Miss Bitcoin Price Target

Financial market cycles all play out the same way, and despite it being an emerging asset like no other, Bitcoin has been no different and has demonstrated the same peaks and troughs of investors sentiment. Bitcoin price rose substantially in 2017, forming a “bubble” peak that popped, causing an 85% decline following the break of the crypto’s parabolic advance, and the longest bear market on record ensued.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble 

During this time, irrational exuberance, euphoria, and hype quickly turned into anxiety, denial, and soon, panic, as the price of Bitcoin and other cryptocurrencies plummeted faster than they rose in the first place. As the market bottomed, anger, depression, and fear are emotions that are at their highest, causing investors to be reluctant to buy at prices that would otherwise be viewed as ideal entry points. This fear-filled sentiment clouded the judgement of many, as can be seen in volume profiles during that price action.

Also around that time, recently capitulated crypto investors began targeting far below the Bitcoin bottom of $3,150 and had been looking for prices in the $2,000 range, with some calling for $1,000 or lower.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

When we were at the 3-4K range, I don't remember seeing one analysis or chart predicting $BTC having 8.9K+ as a target.

Goes to show nobody knows what's going to happen next.

— Bagsy (@imBagsy) May 27, 2019

One person called for “triple digits” for the rest of the year and not until 2020 when Bitcoin would break back into four digits. Instead the cryptocurrency is already targeting five digits with a decisive break of $10,000 not out of the realm of possibility.

Collectively, most investors didn’t see Bitcoin breaking above $6,000 anytime soon, and certainly no calls for $8,000 or above. Most assumed Bitcoin wouldn’t start a new bull market for at least another year. The entire rally has shocked investors across the board, suggesting that the crypto market is just edging its way out of the disbelief phase.

Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term 

What comes after disbelief is new hope, followed by optimism. After that the bull market will help guide the price of cryptocurrencies high once again, and the cycle will reach full-blown euphoria once again.

Much like overly bearish price targets were actually a signal to buy, once euphoria sets in, and investors begin talking about million dollar BTC, it might be a signal that the top is in, and it’s time to repeat the entire cycle all over again.

Featured image from Shutterstock
Tags: bitcoinbottomBubblecryptoprice target
Tweet123Share289ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

ethereum

Why Ethereum Could Trade At $500 If These Conditions Are Met

5 hours ago
REV3AL – NFT and Digital Asset Authentication Technology Launches on KuCoin June 30th

REV3AL – NFT and Digital Asset Authentication Technology Launches on KuCoin June 30th

10 hours ago
Ethereum Needs To Breach This Level To Sustain Bullish Pace

Ethereum Needs To Breach This Level To Sustain Bullish Pace

10 hours ago
A Comparison of Global Futures Trading Platforms Shows 5 Advantages of CoinEx Futures

A Comparison of Global Futures Trading Platforms Shows 5 Advantages of CoinEx Futures

14 hours ago
XRP

XRP Has Dropped To $0.34, What To Expect In The Next 24 Hours?

16 hours ago
Solana

Solana Broke Its Nearest Support, Vital Trading Levels To Keep An Eye On

19 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto Crash: Bitcoin Falling Helplessly, Find Succour in These Two Coins

June 29, 2022

The Stock Market Crash Has Spurred Investors To Invest In Cryptocurrencies Like Mushe Token (XMU) and Quant (QNT)

June 29, 2022

TRON Breaks the 100 Million Users Mark, Celebrates Mainnet 4th Anniversary, and Announces Huge Hiring Push Amid Market Meltdown

June 29, 2022

LBank Exchange Will List Delio(DSP) on June 30, 2022

June 29, 2022

LBank Weekly Listing Report, 27th June 2022

June 29, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.