[ad_1]
Bitcoin (BTC) could be less than $ 1,700
Murad Mahmudov, a Princeton graduate who dreams of launching his own cryptographic hedge fund, has quickly become an important analyst at Bitcoin (BTC), publishing a series of in-depth and respectable fragments of technical, historical and fundamental analysis that have resonated with investors .
On Sunday, the industry member took Twitter to publish his latest analysis thread.
1 / Let's go on a small journey. What happens if the story really rhymes? pic.twitter.com/VDSonz68Gw
– Murad Mahmudov 🚀 (@MustStopMurad) January 13, 2019
Mahmudov drew attention to the historical action of Bitcoin prices, drawing lines between the 2014/2015 bear market, in particular the "Baby Capitulation and Final Capitulation" events and today's market. To make a long story short, through a mashup of historical and technical analysis, BTC could reach a minimum of $ 1,700- $ 2,200 by the spring of 2019. So, in closing, the analyst wrote:
If the dynamics mentioned above are correct and the story really rhymes – which is a big if – We can expect a 1700-2200 fund in the spring (most likely April).
This recent joke comes just weeks after Mahmudov took the Tone Vays Youtube channel to talk about cryptocurrencies. In the podcast's environment, the Princeton graduate drew attention to this $ 1,700 price forecast, explaining it from a more fundamental level. As reported by us earlier, he explained that a number of altcoins, such as Ethereum (ETH), EOS, XRP, along with small-cap asset arrays, are still drastically overvalued, especially considering their often erroneous and sometimes non-existent value propositions. .
Moon Overlord, a respected encrypted merchant, echoed Mahmudov's thoughts. The pseudonym commentator explained that there is a fleeting possibility that Bitcoin has another "substantial draw-down" ahead of itself, citing historical data as well. As the agonizing, but also optimistic adage says, "history does not repeat itself, but rhymes". So, if the previous trends prove to be an accurate indicator, the top cryptocurrency could drop to a minimum of $ 1,700 before another "knocks the stockings" out of the rally.
In the same way as "rhyme, do not repeat", other analysts have been more optimistic. Chris Burniske, a partner of Placeholder Ventures, has recently said that if the cryptography market really moves in multi-year cycles, 2019 will be the year of cryptographic shipping products, the feeling that is echoed by Fred Wilson.
Another analyst, according to Filb Filb, once explained that the BTC could exceed $ 333,000 by 2022, drawing parabolic lines in a nebulous sense.
Crypto Analyst predicts "New Bull Cycle" between the middle and the end of 2019
In related news, another investor, using the online "GalaxyBTC (Galaxy)" moniker, said that the cryptographic market is currently entering an accumulation phase, which means lower lows are possible but very unlikely. He noted that the 2014/2015 bear season lasted 420 days. Thus, if history is an indicator, BTC could approach the end of its downturn and subsequently enter a "new bull cycle" between the middle and the end of 2019.
"The future lies in the study of the past"
We are approaching the 420 day mark that closed the bear market of 2015 and if history repeats itself, we are moving towards several months of accumulation and a new cycle of bulls starting from the middle of 2019. $ BTC #bitcoin pic.twitter.com/VX8ok9oFue
– Galaxy (@galaxybtc) January 14, 2019
According to previous reports by Ethereum World News, Delphi Digital, an independent market research consortium, has also recently stated that Bitcoin is currently entering an accumulation phase.
The analysis carried out by Delphi through the Hard Fork segment of Next Web states that there was an increase in Unspent transaction exits (UTXO), indicating that investors are accumulating Bitcoin en bloc – which could potentially justify the increase in active accounts.
The independent research team noted that "the older owners have exhausted most of their sales efforts", drawing attention to the UTXO data they have compiled. Delphi's team continued to write that all of this indicates that an accumulation round is occurring, presumably similar to the one seen at the end of 2014 (the previous dracer bear market). Or in other words, a fund could be in sight. However, considering the above calls, BTC may have to fall further in a relatively short period of time.
Title Image Courtesy of Andre Francois Mckenzie Via Unsplash
[ad_2]Source link
