In the latest bitcoin news, we have another bitcoin price prediction done by Anthony Pompliano who works in Morgan Creek. He said in an interview that he believes that the price of bitcoin will bottom out by 85 percent in value from its all-time high.
Pompliano based his prediction on the previous experience in the crypto market by saying:
“85% from the all-time high is about where we’ll end up. Puts it around $3,000. Came close over the weekend but probably a little bit more to fall.”
He continued to explain that he thinks Bitcoin was simply overvalued and how it is in a healthy correction period. In December, Bitcoin was overvalued. However, he claims that this year there are more sellers than buyers so it is healthy for the price to go down. However, there are a few things to be considered.
The first thing is the transaction settlement layer that will always be worth something. The second thing is the best performing asset over the past ten years. Bitcoin has outperformed Nasdaq and many more in the longest bull run ever. And the third thing is retail.
Pompliano went on to explain how he believes that it is important to remember that through 2017 all of the major buyers were retail but today, many institutions are coming in. Also, most of these institutions are not buying bitcoin on an exchange. He believes that this is a washout time for the retail investors.
He ended the interview by explaining how Morgan Creek has plans to acquire discounted Bitcoin and the partnership with Bitwise Asset Management which enable institutional clients to get access to Bitcoin quickly.
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
Bitcoin Reaches A New Yearly Low At $3,200, Downward Trend Continues
“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected. “Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote. So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen. Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
Analysis: Interest In Crypto Rises With More Than 55 Million Users In 2018 Alone
“Combining public data and survey findings, we estimate that the total number of user accounts at service providers amounts to at least 139 million in late 2018.’’Active and verified users have increased seven times than two years ago. Last year the number of crypto users was 18 million, in 2016 there were only 5 million. The report notes:
“Using a combination of verified user data and the average share of ID-verified accounts described above, we also estimate there are currently at least 35 million ID-verified users globally.”There has also been an increase in the number of active users has also increased which in 2016 was about 35%, it rose to 36% and this year reached 38% active users. Despite the bear market, there is an even bigger increase in the number of crypto service providers that add support for multiple cryptocurrencies. Even cryptocurrency exchanges support multiple coins which make up to 89% of all the exchanges but also wallet providers decided to add multi-coin support up to 90%:
“Wallets with multi-coin support surged from 46% in 2017 to 90% in 2018, with 60% of wallets currently supporting more than 3 cryptoassets as opposed to only 10% in 2017.’’
Altcoins Consolidating Above The Yearly Lows, Bitcoin Follows The Recovery Path
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