• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Despite Recent Dip, Bitcoin Remains In Cyclical Uptrend, $150K By 2023 Not Impossible

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 4min read
Despite Recent Dip, Bitcoin Remains In Cyclical Uptrend, $150K By 2023 Not Impossible
Advertisement

Over the course of 2018, Bitcoin (BTC) broke a number of key technical levels. In some cases, the cryptocurrency fell so fast (and hard) that its moving averages didn’t catch up to it for months.

And while nearly every notable support line, like the $10,000 and $6,000, have been snapped, an analyst argues that BTC remains in its most essential uptrend to date, one that could bring the digital asset to the moon.

Bitcoin Holds Long-Term Uptrend, Could Rally To $150,000 Over Time

Magic Poop Cannon, a seeming BTC permabull, recently took to TradingView to explain why he believes that the leading cryptocurrency remains in a “very clear cyclical uptrend,” in spite of the downturn seen last year.

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

He argues that the logarithmic uptrend line (seen in pink below), which is kept in place by two upper bound and lower bound trendlines, is still being held. Doing some calculations and historical analysis, Magic argued that while Bitcoin will range between $3,000 and $5,000 for much of 2019, the asset could begin to rally as the uptrend line begins to gain steam, as it were.

In fact, he notes that by August of 2023, if BTC holds above the aforementioned level of support, it will be worth right around $150,000 a piece.

Interestingly, Magic’s call for 2023 is drastically above the forecasts touted by Bitcoin-friendly financial advisors, but drastically under those of his fellow optimists.

According to reports from this outlet, 55% of 155 financial advisors surveyed that believed that BTC would appreciate in value in the next five years, with their 2023 predictions averaging out to $17,570.

On the other side of the proverbial coin, there have been many that expect Bitcoin to break out of its quintuple digit cell. Scarface, a popular cryptocurrency trader on Twitter, pointed out that this is far from the first time that the general public has banged the “Bitcoin is dead” drum. In fact, this is the fourth or fifth time. With that in mind, he remarks that it would be unfair to claim that there’s a high likelihood that the crypto’s boom and bust cycles won’t occur again.

Backing his call, which can be deemed optimistic, Scarface cites a quote from Sir John Templeton, in which the economist said that the four most dangerous words in investing are “this time it’s different.” And with that, the analyst concluded:

“Each time Bitcoin has crashed 70%+ the following cycle peak has been 5.1-16.89 times higher than the previous. If that happens again then the next all time high will be roughly $102,000 – $336,000.”

Crypto Drop Before Pop? 

Magic may be convinced that the sky’s the limit for BTC, but some are wary that the crypto market remains in weak standing, especially from a short-term perspective. Australian crypto researcher Willy Woo, for instance, noted that the futures market for Bitcoin could be setting a foreboding precedent for near-term price action.

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

Woo explained that a lack of open long and short interest has “historically coincided with bearish price action during bear markets.”

As the number of longs and shorts live has fallen to levels seen just prior to November’s collapse in BTC, Woo is arguing that cryptocurrencies across the board could collapse to new lows in the days to come, especially as speculators remain especially indecisive as to where this budding market could head next.

Adaptive Capital’s Murad Mahmudov also reminded his followers that while the bottom is likely festering, further lows aren’t out of the cards. Far from. In one world, BTC has already bottomed, mirroring price action seen in mid-2015, and could begin a steady grind to the upside heading into 2020’s block reward reduction.

Crypto Twitter right now: pic.twitter.com/8myzpRempV

— Murad (@MustStopMurad) March 3, 2019

In the other world, rife with red candles, the flagship cryptocurrency has yet to find a foothold on the climbing wall that is this market. Mahmudov notes that in this scenario, BTC only recently completed its “Baby Capitulation” phase, and will see “Final Capitulation” in the coming months, which could bring the asset to as low as $1,700.

Financial Survivalism, whose analysis Mahmudov tacitly endorsed when he took a bet with his peer, has been even more bearish. Survivalism noted that the longer BTC fails to surmount a long-term declining trendline at ~$4,600, the higher likelihood that the cryptocurrency’s price could “mirror the price action from September 20th to November 25th of last year.”

Per the analyst, this would mean that BTC could trade flat for another two to three months, before falling dramatically to the $800 price point. This, of course, is a worst-case scenario, but Survivalism does allude to a good point about market cycles and behavioral finance.

Related Reading: Crypto Professionals Predict $2,400 Bitcoin Bottom, Expect Infrastructure To Spark Bull Run

Interestingly, this isn’t the first time that Survivalism has been overtly bearish. In an array of previous posts, the former insurance agent noted that if BTC is following a Hyperwave trend, which is primarily applied to bubbles like crypto, Dotcom, etc., the asset could eventually revisit where it peaked in the 2014/2015 market cycle.

Survivalism argues that this point is around $1,200, but would set the stage for another parabolic rally eventually.

Yet, funnily enough, all the aforementioned analysts are effectively 100% certain that in the long haul, Bitcoin will become an unstoppable force that consumes fiat currencies, as it were.

Featured Image from Shutterstock
Tags: bitcoincrypto
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

5 hours ago
bitcoin miner btc bullish

Bullish Bitcoin Miners Cease Selling For The First Time Since 2020

10 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bulls Go Ballistic On Twitter’s $1.25bn Convertible Note Offering

22 hours ago
Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

23 hours ago
Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

4 days ago
Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Newsletter Signup


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

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 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.