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Analysts: Bitcoin May Fall To $5,000 Before Initiating Another Mid-Term Rally

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This week has been quite interesting for Bitcoin, the largest cryptocurrency by market cap and the most popular digital coin out there. However, the interesting appeal was not because of its new surge (which was quite minimal but important) – but the fact that even the biggest Bitcoin bulls are confident about a new price drop.

Despite Fundstrat’s Tom Lee who again reaffirmed his $25,000 to $30,000 Bitcoin price projection by December 2018, other bulls are not as optimistic and think that the BTC price may fall to the $5,000 region before recovering and initiating a new rally.

One of them is the ShapeShift CEO, Eric Voorhees and the cryptocurrency investor Anthony Pompliano, who is known as Pomp in the crypto waters. Both of these analysts recently stated that the bear market for Bitcoin is not over yet – and that the dominant cryptocurrency may see a drop to $5,000 just before it initiates another major rally.

Voorhees was a guest at the CNBC Crypto Trader show, where he stated:

“I don’t expect it (bear market) to end soon, although I do think that the rate of collapse has slowed considerably. Generally in these bubbles, after you go through several months of a downtrend you hang out in a range for a while… But I think we are done with a majority of the collapse.”

The founder and CEO of the major digital asset trading platform ShapeShift also noted that while the bear market for Bitcoin is not close to an end, the worst part of the correction has slowed down.

This, coupled with the fact that Bitcoin’s volatility has dropped to a 14-month low, are enough proof that the stability of BTC is quite weak – despite the recent gains that pushed Bitcoin near the $7,000 mark.

Pomp, on the other hand, is more pessimistic about the BTC price than Voorhes. As he wrote in his latest newsletter:

“The final data outputs left me with a few uncomfortable conclusions. The most notable one is that we are likely to see Bitcoin near $3,000 before we see Bitcoin at $10,000 again. If this is true, that means we still have ~50 percent price decrease to go. Things may get really, really ugly if this happens.”

Many analysts are seeing Bitcoin falling to $5,000, $4,000 and even as low as $3,000 before another mid-term rally occurs. However, they also believe that the resistance levels for BTC are right now set to $10,000 to $15,000 by the end of December, which gives many investors additional confidence about buying BTC at its lowest price.

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Altcoin News

Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation

Over the past day, the crypto market recovered from its previous position and reached $123 billion as Bitcoin also managed to avoid another drop below the $3,600 mark. In the latest crypto news, we take a look at some analysis from multiple crypto technical analysts. Some analysts think that because of the high sell-off intensity in the previous period, there is a strong chance for the price of BTC and other altcoins to drop even further below their support levels in the short-term. Also, they believe that Bitcoin will even decline as low as $3,100 by the end of the bear market before recovering by the end of 2019. Crypto technical analyst Eric Thies said that Bitcoin might start a strong movement upwards by the end of 2019:
 “Similar to 2015, 2019 may be the year of accumulation.’’
Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’
Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
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Altcoin News

Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019

A professor from the University of California, Los Angeles (UCLA), Scott Galloway, believes that crypto will be even worse this year and in our bitcoin news today we find out more about his opinions. Galloway thinks that crypto will struggle even further in the following 12 months because most of the emerging technologies and markets tend to move by cycles. This is why the crypto market seems to be unaffected by the developments in the industry and this is why the value of digital assets moves mostly because of sentiment than by short-term events. Last year, many of the emerging markets such as crypto and virtual reality, had really poor progress and market growth. It is extremely hard for new technologies to go with massive changes since the investors become impatient really easy. However, prior to 2018, all of these technologies had great years which led to their value increases. The professor pointed out:
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’
His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
 “So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
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Altcoin News

Crypto Markets In The Green Again As Bitcoin Jumps To $3,712

Bitcoin as the number one cryptocurrency by market cap was crushed within the past week with three major sell-offs when its price dipped below the $3,481 price level. In today’s bitcoin news we can gladly say that the markets are turning green and BTC is back up. Monday is a great day for bitcoin since the price for the biggest digital asset increased up to $3,712 after falling below the $3,500 price point. The recovery was noticed in other cryptocurrencies as well such as Ripple rising 2.4 percent and ethereum rising by 6.4 percent. The best performer turns out to be TRON which leaped by 11 percent after the criticism of the former employee of BitTorrent. It is still not quite clear that boosted the market though some analysts think that this could be a result of the growth in trading volume. However, many other analysts such as bears like Mark Dow and bulls like Willy Woo, think that they identified the technical and most important weakness that could lead the bitcoin price to drop at least in the immediate future. It is important to notice that cryptocurrency isn’t the only asset trying to recover from the previous slump. For example, the Dow Jones Industrial Average traded really low at 230 points in the pre-open futures market but has since trying to cut back the losses after the United States President Donald Trump stated that China and the US are really close to making a trade deal.
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Altcoin News

Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market

Just a few minutes ago, reaching into our bitcoin news is the new Bitcoin situation on the market where the number one cryptocurrency dropped below $3,600 and at the same time $5 billion was wiped out of the crypto market. BTC made a 4.9 percent drop showing signs of a strong weekend sell-off. Prior to the drop, the crypto trader better known as ‘’Hsaka’’ pointed out that Bitcoin is weakening:
‘’Some thoughts. The first wick below the range low led to a tap of the range high. The second one (this current one) has failed to reach that high as of now. Sign of weakness in my opinion.’’
A sell-off during this time of the market is a sign that there is a low volume on the market. The market is now vulnerable to an even further drop in the short-term. Crypto investor Josh Rager believes that if the volume of the crypto market doesn’t recover in the following days, BTC could even drop as low as $3,000. He explained:
 “As the volume continues to slowly descend Bitcoin could see more sideways ranging This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels. Nice support below $3,000 with lots of buyers waiting there.’’
Other crypto assets such as Bitcoin Cash and Ethereum dropped by 8 and 7 percent against the US dollar. Even TRON after gaining against Bitcoin over the past few days, experienced a huge drop today. Investors expect the market to recover in the lower price range however with this high volatility the majority of the assets could become extremely vulnerable to short-term drops.
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