Since the crypto industry’s monumental rise to prominence on a planetary stage, pundits and consumers alike have sought to predict where Bitcoin (BTC), a mechanism to achieve financial freedom, is bearing. While some have succeeded, by luck or other means, other wannabe soothsayers haven’t seen an ounce of success, to put it lightly. Regardless, in this market’s most recent downturn, which began a week yesterday, price predictions have remained the flavor of the month, as it were.
And with metaphorical heaps of op-eds, tweets issued in crazed frenzies, and insightful analysis to sort through, it seems that this space’s thirst for forecasters and attention-seeking ‘voices of reason’ have yet to be quenched in full.
$1,200 Or $10,000 A Pop? Traders Weigh In On Bitcoin
As a jaw-dropping $70 billion was wiped off crypto’s slate in the past seven days, industry insiders have puzzled over the seemingly uncatalyzed freefall that digital assets underwent. Some have looked to Bitcoin Cash’s contentious “hash war,” which saw Roger Ver and Jihan Wu duke it out against Craig Wright and his yes-men.
Others have sought to find answers through technical analysis, consulting with gurus of the newfound art to divulge their secrets. And, of course, many would be remiss not to mention the confused and dazed, who have blamed Bitcoin’s poor performance on a nebulous set of purported catalysts.
So, keeping this diverse group of Bitcoin investors in mind, Patrick Palacios, CEO of a lesser-known crypto startup, sought to satisfy a majority of crypto’s constituents by stating:
“The BTC sell off is a combination of everything, the BCH Hard Fork, trader groups pumping and dumping, lack of regulation, The OKEx allegations of market manipulation, all leading to very emotional trading.”
Palacios, who is no stranger to emerging markets like the early-2000’s Internet industry, even touched on Nouriel “Dr. Doom” Roubini’s scalding comments thrashing crypto, adding that the professor’s comments have only added to crypto investors’ growing stockpile of insecurities.
While there were optimists put off by his disheartening comments, critics of cryptocurrency and pessimistic analysts echoed his sentiment that Bitcoin’s capitulation phase hasn’t elapsed.
As reported by NewsBTC previously, Murad Mahamudov, a Princeton grad turned astute crypto analyst, recently noted that BTC is in the midst of a long-term descending triangle, a bearish trend in short. If BTC remains in its bearish state, the asset could fall to as low as $3,000 when 2018 comes to a close.
5/ low 3000s not outside the realm of possibility if the Descending Triangle pattern plays out fully pic.twitter.com/i96zTtPQ5V
— Murad Mahmudov ? (@MustStopMurad) November 15, 2018
Although a breakout isn’t an abstract idea, taking current sentiment and market factors into account, Mahmudov’s target could be reached in due time. Per data gathered by Greg Giordano, who analyzed BTC via three well-established econometric models, $3,000 would be just the beginning, if traders were considering Wheatley’s Model that is.
The data, routed through Forbes’ Panos Mourdoukoutas, revealed that Wheatley’s Model, which analyzes assets in terms of their demand, has indicated that $1,242 could be in BTC’s future. But, optimistically, Hayes Model and the Market Model, which take supply-side economics into account, have indicated that Bitcoin is fairly valued at $10,000, just a few thousand dollars short of Tom Lee’s new year-end prediction, interestingly enough.
So, while Mahmudov or Giordano’s analysis isn’t the end-all and be-all of price predictions, it is has become increasingly apparent that crypto traders have yet to come to a consensus on where Bitcoin is headed.
Featured Image from Shutterstock
Author: Nick Chong