After Bitcoin hovers sideways in the $ 5,200 area, analysts and trading experts continue to share future price predictions. Most of the short-term forecasts range from $ 6,000 to under $ 4,800 but there are some who talk about the BTC skyrocketing opportunity, despite the recent 50% drop.
‘50K dollars soon come true’
According to CEO Su Zhu of Three Arbow Capital, Bitcoin has a chance of reaching $ 50,000 'relatively quickly'. In a recent tweet, he talked about some emerging markets that are about to face national default.
Su Zhu – CEO of Three Arbow Capital
He also reminded the community of the US Fed's recent $ 700 billion QE. According to him, this policy has pushed the United States into inflation and will be difficult to recover later.
Su Zhu tweeted that due to the difficult world economy, BTC price could skyrocket to $ 50,000 if the current level is maintained.
This is in theory the moment Bitcoiners have been waiting for
Several EM mkts are now pricing in significant risk of sovereign defaults
USD itself set on an inflationary course it will be hard to turn back from
– Su Zhu (@zhusu) March 18, 2020
“This is the time that Bitcoin players are waiting for
Some markets emerging There are currently significant risk valuations on national default
The USD itself sets inflation, it's hard to come back
If the BTC market holds these levels, 50K will come true relatively quickly”.
Then he added:
“Whether you believe that scarcity of Bitcoin OK good social enforcement pure cannot continue money supply audit in many emerging markets too. ”
Community does not agree
Some commented below Su Zhu's tweet that this hypothesis was unrealistic, as Bitcoin lost 50% of its value last week when the stock market, gold and oil, began to plunge.
User ‘Bitmexican’ tweeted:
“Bitcoin just dropped 50% in a day when the traditional market landscape becomes chaotic. It is these developments that refute identify Not correlated and used as fences protection. However, you for is 50K dollars soon come true? Please give me some of that hopium. ”
Twitter user ‘Comeenw’ said:
“To go to 50K dollars, someone has to buy in 20 30 40. I wonder who would be crazy enough to buy these levels when BTC fell by 50% too easily just in one day … maybe you too confident in my opinion. “
$ 50,000 this year is expected equal 'prophecy'
A screenshot of an anonymous person circulating on the Internet has long been making accurate predictions about Bitcoin price for 2019 and 2020.
Accordingly, in February 2020, Bitcoin reached $ 29,000 but actually proved the prediction was wrong. However, it says that in July this year, the Bitcoin price will reach $ 59,000.
At the same time, in November 2020, the price will drop to only $ 87 according to this anonymous character's prediction.
– Crypto Einstein (@BitcoinEinstein) March 18, 2020
“November – BTC ~ $ 87” No, that's not a mistake. Wait see!”
Goodbye weak heart trader!
Basically, the price slipped from $ 10,000 to $ 3,900 that wiped out the 'inexperienced' traders. Follow data of HODL Waves, investors who prefer higher risks are still HODL tokens or buy more cheaply. About 40% of cryptocurrencies have not left the wallet in the past 2 years.
Data HODL Bitcoin vs price | Source: CoinMetrics
Data analysis firm Bloqport has reached a similar conclusion, emphasizing that halving Bitcoin has never prevented long-term investors from holding it. At the same time, the discount process attracted them to buy Bitcoin at a cheaper price. Bloqport tweeted:
Despite a ~ 50% drop, most Bitcoin addresses remain untouched.
This implies that those who bought simply to trade or for short-term profit have been squeezed out.
Those remaining are long-term believers with high time preferences. This is incredibly bullish. pic.twitter.com/0rSiro6bBe
– Bloqport (@Bloqport) March 17, 2020
“Despite a ~ 50% reduction, most Bitcoin addresses have not yet been processed.
This implies that buyers are simple to trade or for short term profit gave up the game.
The rest are long-term followers with interests HODL in time longer. This is the signal Extremely optimistic for the price”.
Long-term technical factors suggest price hike
Because the Corona virus could not contain the ‘HODLING’ mentality, Bitcoin recovered more than 40% after plummeting to $ 3,858. Many see it as a cat-kill but the long-term outlook shows that Bitcoin bounced back after testing significant support.
BTC / USD test Street support tsymmetric sense | Source: TradingView.com
Therefore, it seems that Bitcoin is heading inside the giant symmetrical triangle since the end of 2017, confirmed by a series of successive troughs and peaks that form two trend lines converging at nearly equal slopes. . The height of the triangle is about 18,000 dollars.
Bitcoin is testing the support line of the triangle (the lower trendline) for pullback, which means that it is likely to bounce back to the resistance line of the triangle (the upper trendline). Prices will continue to consolidate within the triangle for the rest of 2020, albeit below $ 6,000.
But a breakout price above the resistance level could cause Bitcoin to increase at least $ 18,000 in the medium term according to the standard definition of the symmetrical triangle. Such a move will push cryptocurrencies beyond an all-time high of $ 20,000.
The ability to raise prices is further strengthened after the stable coronavirus pandemic (vaccines are available after 12-14 months). Bitcoin will then compete with the oversupply fiat market, waiting for a big push to push prices soaring.
If in doubt, minimize the chart!
You can see the price of BTC here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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