Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: pragna on November 30, 2018, 06:26:12 PM
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What do you think about it? my prediction is bitcoin price will be back to $1000/btc in next 5 months or less. since oil price was fall down now and trade war between US and china. give your opinion please!!
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It's certainly possible. What we have to remember is that 10 years may seem like a lot, but for Bitcoin it leaves us with very little data to analyze compared to traditional markets. Not forgetting the volitility makes it a lot more difficult to make these comparisons, although there does appear to be correlations right now with severe pullbacks and "risk off" in the stock markets.
We can see from the BLX charts that Bitcoin's 200 Week MA ($3,150) and 50 Month MA ($2,900) will play a significant role in whether BTC will head to $1k or not. It's worth remembering that in 2014-2015 bear market, BTC found support at these moving averages, so it's possible the same will happen. If not, then the next level of support is the previous high around $1,300.
Although a 95% drop to $2k is possible, it's worth remember that the most siginficant drop on record was 93.75% that happened since 2011, when the price fell from $32 down to $2, whereas other notable corrections have been been 82.5% and 85%, notably under 90% basically. Respectively, this would be between the levels of $2,500 and $3,000 which is interesting to note.
Hope that helps...