The crypto market has always been as volatile as you can imagine, with no certainty about digital currency constants. But Bitcoin seems to lose its value more than other digital coins. A decline that started in early June 2018 seems to be continuing until today.
There are no short of Bitcoin price predictions with as high as $250,000, however, before Bitcoin hit another all-time high, it is to crash to the bottom which is expected in somewhere around quarter first of this year.
Back in January 2019, popular crypto trader, Murad Mahmudov took to Twitter to share with the community some insights into the Bitcoin Bottom.
Just about two weeks ago, the value of this coin was around $3,400, which is the lowest the currency has ever recorded in months.
As calls claiming that Bitcoin could rally into 2020’s block reward reduction have ramped, some have remained wary of BTC’s short-term prospects. In fact, an array of analysts and industry commentators claim that the bottom is far from in.
Echoing calls from Anthony Pompliano of Morgan Creek Digital, Brian Kelly, a crypto-centric CNBC contributor, recently told CoinTelegraph at Switzerland’s Crypto Finance Conference that he is expecting that lower lows for BTC are in the cards.
This report shows that the likelihood of the value falling even further is due to the nature of the historic market cycles that we have seen recently.
According to Financial Survivalism, who is now a full-time trader and a self-proclaimed “financial revolution prepper”, the price of bitcoin could continue to decline further due to what he refers to as the “Hyperwave” form of crypto price analysis. Per the trader’s analysis, BTC’s price could potentially surge if it manages to reach Phase 1 of its Hyperwave formation.
As of this writing, the value of Bitcoin currently stands at $3,620 USD. The question now is whether the value will surpass the $10,000 mark.
Whether or not Bitcoin will go back to its last year’s value is still a question that many investors have no answer to at the moment.