It seems like everyone is waiting to hear some positive news about the crypto market as a whole lately – and specifically news and theories about the downward trend of crypto (and when is it ever going to end).
After in-depth analysis, we have concluded that the $6,700 Bitcoin is down roughly 60% from its all-time high – but is still recovering slowly and might strike for another all-time high in 2018 soon.
If we look at the charts for historical patterns that mimic investor psychology, we can get some insights and clues about Bitcoin’s future performance. Obviously, these are not rules carved in stone – yet some predictions and theories that might happen.
Currently, there are three theories which align and predict a positive future for Bitcoin. They are as following.
1. We have already seen the worst scenario
From $20,000 to below $6,000. This is what the worst scenario for Bitcoin looks like. The gold prices increased and Bitcoin decreased, which is why a new bullish run might be the only solution to the sub-$10,000 priced Bitcoin.
The potential problem here is the fact that the market is bearish – and the only way it can move would come with the Bitcoin ETFs being officially accepted.
2. $3k To $5k Is Still ‘In Play’
Another possible scenario for Bitcoin and its future is the $3,000 to $5,000 price region – which could happen if the Bitcoin ETFs are rejected and there is no support for the largest cryptocurrencies. In a case like this, Bitcoin could drop – but only if the market volume is substantially lower than the one right now.
3. The $1k Bitcoin – A Real Doomsday
In the worst scenario, Bitcoin could drop to a price of $1,000 which is the most pessimistic observation here.
However, if the current ascending trend line breaks, the price may not find its true “bottom” until reaching the high of the prior “mega” bull run which in a case like this lies in the $1,200 area. If we see Bitcoin falling to this level, the largest cryptocurrency must find a new ascending support and hold on to it before a new “mega” bullish run.
Obviously, all of these theories are down from Bitcoin’s current path now – which is moving closer to the $7,000 region and reaching a 2-week high (which happened yesterday).
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