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BTC could either retest troughs or fall
Peter Brandt, a commodity trader and technician, recently went on Twitter to share his thoughts on the current state of the bitcoin market (BTC). Brandt, who took a taste of cryptocurrency (and not altcoins) on recent worlds, noted that if we exploited the price action observed at the bottom of the previous market cycle (2013- 2016), BTC could return to its lowest level in 3000 the next weeks (6-7 weeks), before a longer-term rally.
However, he noted that it is possible that the final correction / surrender process is yet to come, which means that there could be lower lows coming. Brandt, who heads Factor Trading, did not specify where such lows might fall, but he nonetheless suggested that it would not be impossible to see Bitcoin fall below the $ 3,150 floor set on December 14, 2018.
While Brandt explained that new possibilities were not possible (far from it, in fact), he said that people who claimed that the BTC falls in the $ 1,000 range behave irresponsibly. In response to a reference to the Hyperwave theory / analysis method, according to which Bitcoin could return to the top of the previous market cycle (2014-2015) at $ 1,200, he said that this was "irresponsible".
Analysts argue that Bitcoin Bottom is not at the rendezvous
Yet many remained faithful to this belief. In fact, according to previous reports from Ethereum World News, Financial Survivalism, an insurance agent turned cryptocurrency trader, has publicly bet that the crypto flagship could reach $ 1,165 before $ 10,200. Survivalism, a so-called "precursor of the financial revolution," bet with another trader for 0.1 BTC that the flagship cryptocurrency would reach phase one of his Hyperwave, located where three figures become four.
Others feared losing their calls, but still claimed that BTC's price of less than $ 2,000 would not be too foolish. Murad Mahmudov, for example, said in recent months that the historic price action, combined with fundamentals, signaled a further fall, even after the sudden drop of $ 400 today. Mahmudov of Adaptive Capital has already pointed out that the dwindling presence of comments related to Bitcoin on Twitter should be a concern. The trader explained that cryptocurrency tweets reached 2014 levels, below all points in 2016, indicating that very few people care about decentralized, sovereign and non-inflatable currency. In other comments, he explained that, from the point of view of historical analysis, the final fall was yet to come, noting that this nascent market had only seen the movement of the Baby capitulation "unfold.
Regardless of where the BTC is located, Brandt has made it clear that he still has confidence in cryptocurrency. In response to a comment that BTC would collapse because "it can not evolve," the founder of Factor Trading noted that Satoshi Nakamoto's first creation is the "inherited coin," and that all altcoins are "pretenders" that are about to be evaluated at the end-to-zero. Brandt added that it had already sold 10% of its exchangeable capital to Bitcoin because it believed in the asset story – potentially as a digital gold, or as the most secure transaction settlement layer in the world. .
Image title courtesy of André François Mckenzie
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