• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers

Why This Crypto Analyst Expects For Bitcoin To Fall Under $2,000

Nick Chong by Nick Chong
4 years ago
in Bitcoin
Reading Time: 3 mins read

Over recent weeks, the industry news cycle has seemingly ticked positive, stakeholder sentiment is more cheery than sardonic, and the value of Bitcoin (BTC) has begun a foray to the upside. All this, coupled with the fact that trading activity has purportedly skyrocketed, has left a multitude of commentators on their toes as they eagerly anticipate a notable rally in crypto assets.

Yet, some have maintained a bearish tone, relentlessly calling for BTC to go sub-$3,000. These short-term bears, who have yet to retreat into a state of hibernation, cite Bitcoin’s historical market cycles to back their forecasts. But, could their harrowing wails for lower lows truly come to fruition?

Related Reading: Report Claims Bitcoin and Altcoin Correlation Slowly Fading, Could This be a Sign of a Maturing Market?

Bitcoin Bears Might Not Be Done Yet

Cryptocurrencies may be nascent, but over their decade-long lifespan, their respective markets have developed underlying patterns. Leading analyst Josh Rager recently touched on one of these trends, taking to Twitter to exclaim why it’s likely that BTC could revisit its $3,150 low and potentially crumble even further.

Rager explains that in 2014-2016’s cycle, BTC fell to a low, where everyone thought the market had bottomed, before establishing a rebound high, a higher low, and then a higher high — a series of moves that could signal a bullish breakout or reversal. Then, however, Bitcoin plummeted lower, falling from its $380 range to $160 in a matter of months.

$BTC: Comparing 2019 to 2015 Bottom

Would be interesting if Bitcoin pushes for a "higher-high" in the coming weeks

Only for it to repeat 2015 with a slow-sideways-decline over the following weeks before an ending capitulation to fill buy-orders

Just one potential scenario pic.twitter.com/HwlfMglMn8

— Josh Rager ? (@Josh_Rager) March 22, 2019

As the crypto market recently underwent the same pattern, save for the higher high off a higher lower, Rager noted that it would be interesting to watch for Bitcoin to “repeat 2015 with a slow-sideways-decline” before an “ending capitulation.” And with that, he depicted BTC theoretically hitting $4,800 before a nasty, rapid drawdown to $1,800 by mid-May, which would be followed by an eventual recovery.

Interestingly, Rager isn’t the only analyst to have speculated that $1,800 is in BTC’s cards. Through the use of historical analysis and key technical levels, like the 200-week moving average (200MA), 300MA, and 400MA, Murad Mahmudov explained that Bitcoin’s “steady support” will be found at an MA300 of around ~$2,400. However, the Adaptive Capital partner made it clear that Bitcoin could “wick down” to as low as MA350~400 in the $1,700 range, “due to past patterns and how particularly overstretched the 2017 bubble was.”

A More Bullish Picture

While Rager and Mahmudov seem wary of what’s to come for this market, others are adamant that the bottom has been established. Ryan Selkis, the chief executive of cryptocurrency analytics provider Messari, remarked that he would be “extremely surprised” if Bitcoin hasn’t found a floor in this bear market.

I'd be extremely surprised if the bottom wasn't in for this $BTC bear market.

If you've been on the sidelines, what are you waiting for if not now?

If you're a long-term bull, the 5 year EV is 25-50x, and you're going to wait to time an entry that's 20% more attractive?

— Ryan Selkis (@twobitidiot) March 21, 2019

Selkis, a hard-line believer that BTC is best used as a digital store of value, explains that for long-term bulls, waiting to catch the final capitulation event is nonsensical, as the five-year expected value of crypto assets is “25 to 50 times” current prices.

Related Reading: Messari CEO: Killer Use Case For Bitcoin Is Still Money, Digital Gold

Sure, this may sound zany at first glance, especially considering the 80% drawdown that Bitcoin has experienced, but Selkis is far from alone in pushing such a buoyant investment thesis.

Magic Poop Cannon, an industry commentator that Tom Lee once lauded, noted on TradingView that BTC remains in a “very clear cyclical uptrend,” in spite of the downturn seen last year. He argued that while Bitcoin will range between $3,000 and $5,000 for much of 2019, lower lows are near-improbable, as BTC is unlikely to break a line it hasn’t broken, well, ever.

Sentiment-wise, crypto’s prospects are looking bright too. The Crypto Dog wrote the following:

Close friend of mine (deep insider in the cryptocurrency universe) said this word for word over chat right now:

"Literally everyone is bullish. Like everyone. Not in the usual 'haha everyone's bullish let's short' way.

Everyone is bullish."

I'm not even kidding.

— The Crypto Dog? (@TheCryptoDog) March 16, 2019

Even if digital assets have further to fall, some are convinced that catching the exact bottom isn’t a necessity, especially considering the considerable upside potential that lies in wait for Bitcoin.

Alec “Rhythm Trader” Ziupsnys claims that it is unwise to actively seek lows. In a tweet, Ziupsnys wrote that trying to catch the exact bottom in crypto markets is “like trying to pick up a penny in front of a steamroller,” hinting at his thought process that there is a copious amount of risk for a little potential return. Rager himself once issued a similar quip, proclaiming that in three to five years’ time, it won’t matter whether your Bitcoin cost basis is $1,800 or $3,000, as this market will likely have gone above and beyond current expectations.

Featured Image from Shutterstock
Tags: bitcoincryptomarket
Tweet123Share196ShareSend
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

Bitcoin (BTC)

Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations

1 day ago
Bitcoin (BTC)

Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

1 week ago
Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

1 week ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

1 week ago
Bitcoin Core

Bitcoin Core 25.0 Hits The Market: A Sneak Peek Into The Future

1 week ago
Bitcoin (BTC)

JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why

2 weeks ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    1 week ago
  • Willing to buy new crypto: Here are the best 10...

    1 week ago
  • Best Crypto Meme Coin Presales in 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Bitfinex and GoCrypto announce the listing of the GoC token

    11 hours ago
  • Fetch (FET) and InQubeta (QUBE) Overtake AltSignals in the...

    11 hours ago
  • Atomic Wallet Hack Reiterates Importance of AI Cryptos To...

    13 hours ago
  • How to Save On Trading Fees Using the Best Analytic...

    14 hours ago
  • Missed out on Miladys (LADYS)? Don’t Fade Uwerx...

    16 hours ago

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.

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 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.