BTC Could Either Retest Lows Or Fall Further
Peter Brandt, a long-standing commodities trader and technician, recently took to Twitter to convey his thoughts on the current state of the () market. Brandt, who has taken a liking to the (not ) over recent worlds, noted that if you harness the price action seen at the bottom of the previous market cycle (2013-2016), could retest its lows in the 3000s in the coming weeks (6-7 weeks), prior to a longer-term rally.
Yet, he noted that there is a possibility that the final correction/bout of capitulation has yet to come, thus meaning that there could be lower lows to come. Brandt, who heads Factor , didn’t specify where such lows could fall, but he did throw out the idea that it wouldn’t be an impossibility to see fall under the $3,150 floor it established on December 14th, 2018.
While made it clear that further falls aren’t out of the realm of possibility (far from, in fact), he made it clear that people calling for to fall into the $1,000 are acting irresponsibly. In response to a reference to the Hyperwave theory/analysis method, which states that could revisit the high of the previous market cycle (2014-2015) at $1,200, he noted that this is “irresponsible.”
Analysts Argue That bitcoin Bottom Isn’t In
Yet, many have stuck with this belief. In fact, per from World News, Financial Survivalism, an insurance agent turned trader, took a public wager that the flagship crypto could hit $1,165 before $10,200. Survivalism, who is a self-proclaimed “financial revolution prepper,” took up a wager with a fellow trader for 0.1 that the flagship will reach phase one of its Hyperwave, situated at where three figures become four.
Others have been lest abrash with their calls, but have still claimed that going sub-$2,000 wouldn’t be too nonsensical. Murad Mahmudov, for instance, has made the case over the past several months that historical price action, combined with fundamentals, signals that there is further fall, even after . Mahmudov of Adaptive Capital once noted that the waning presence of -related comments on Twitter should be a cause for concern. The trader explained that tweets regarding the have reached 2014 levels, lower than any point in 2016, indicating that very few people care about decentralized, sovereign, uninflatable currency. In other comments, he explained that from a historical analysis perspective, the final fall has yet to come, noting that this nascent market has only seen the “baby capitulation” move play out.
Regardless of where falls to, Brandt made it clear that he still holds his faith in the . In response to a comment that will plummet as it “can’t scale,” the Factor founder noted that Satoshi Nakamoto’s first creation is the “legacy coin,” and all are “pretenders” that are poised to be valued at close-to-zero. Brandt added that he already has 10% of his tradable capital divested into , as he in the asset’s narrative — potentially as a digital gold, or as the world’s most secure transaction settlement layer.
Title Image Courtesy of Andre Francois Mckenzie
Published at Sun, 24 Feb 2019 22:01:31 +0000
