price predictions have always been topics of contention. Using technical analysis alone will only give us part of the picture but fundamentally most agree that the long term outlook is strong.
A number of the industry’s prominent analysts have started publicly betting on future prices of .
Will bitcoin Hit $1,500 or $6,500 First?
Technical analyst going by the moniker ‘fil₿fil₿’ has taken a 1 bet that the price of hits $6,500 before it trades below $1,500. The digital wager was set up by Leah Wald and Lucid Investment president Tyler Jenks.
I don’t like those terms but I am willing to entertain your action . and I are willing to bet 1 that price trades below $1,500 on Bitstamp before it trades above $6,500.
— Leah Wald (@LeahWald)
To clarify the bet fil₿fil₿ :
“To be clear this bet is:
If trades > $6500 and does not trade below $1500 in advance of that (from today), I win the bet. If trades < $1500 and does not trade above $6500 in advance of that (from today), Leah and lucid invest win.
Exchange basis: Bitstamp.”
The chart pattern played out does not look pretty but it is entirely plausible given the current market conditions.
The market slide that initiated yesterday by many and was no surprise. The big question now is how far down will drop and where is the bottom. Recent market indecision and dwindling speculation levels have previously led to a continuation of trend which at the moment is still firmly down.
A number of analysts are in agreement that more is to come for and its brethren before crypto markets start to show any sign of recovery. Princeton educated Murad Mahmudov has depicted a wedge pattern within which will continue to trade until it reaches the end and a downside break will occur.
The movement appears to have initiated yesterday following a week of bouncing off resistance at $3,900. The longer , and crypto markets in general, remain static and range bound the more likely they are to weaken.
bitcoin Could Still Hit $100k Before 2025
Using extrapolated price trends to attempt a prediction on future prices ‘fil₿fil₿’ added that it is important to understand the impact that the demand and rate of will have when mixed with a decreasing rate of inflation for a hard cap currency supply.
When you see simple extrapolated price trends which will predicts future price, I encourage you to help educate others & naysayers about the impact that the demand, & rate of will have when mixed with a decreasing rate of inflation for a hard cap currency supply..:
— fil₿fil₿ (@filbfilb)
This will become evident when in May next year. The event will drop ’s current annual inflation rate of 3.8% to 1.8% which is lower than the . The halving will make more valuable due to its scarcity and is an extremely bullish event. Some analysts are already .
Whether we have to wait until 2020 for a trend reversal remains to be seen but in the short term the analysts are in agreement that is likely to fall further. Betting on it dumping to $1,500 seems to be a long shot but in the depths of crypto winter anything is possible.
Image from Shutterstock
Published at Tue, 05 Mar 2019 08:15:53 +0000
