Analyst: A New 2019 Bitcoin High Not Coming, Here’s the Possible Scenarios for Bitcoiners
- Next move to take Bitcoin to $9k but not expected to hit $14,000 in 2019
- Long term scenario: Bitcoin will range above $100k
Bitcoin is continuing its downward momentum that started on Oct. 26 after hitting $10,500 in a sudden burst of gains, driven by Chinese President Xi Jinping publicly promoting blockchain technology.
But looks like a move to $9,000 is coming, according to analyst and trader Bob Loukas.
Loukas is expecting the next Bitcoin move to take us to $9k. But it isn’t the time to start celebrating yet because it won’t be a sustainable move.
Though the next jump after $9,000 would be above $10,000, Loukas projects the leading cryptocurrency to drop back under $8,400 in mid-December.
And then would be the time for BTC to go on a tear. Once the flagship cryptocurrency hits below $8,400, it would be the time to shoot up. But even then, Bitcoin won’t be able to make a new 2019 high before 2020.
On June 26, Bitcoin made its 2019 high at $13,900 after recording a surge of 160% in Q2 2019.
Day 23 and at the midpoint of the Cycle for #bitcoin.
Must find support here. Wouldn't be surprised with a move to $9k from here out of this half low. pic.twitter.com/jNWHRPZfUV
— Bob Loukas (@BobLoukas) November 15, 2019
As we recently reported, a sell signal could be triggered if the BTC price drop below the 200-day moving average. Bloomberg Analyst, Mike McGlone also pointed out that the market is “in no hurry to take out the old highs.”
While trader Josh Rager sees more downside in future if Bitcoin makes a close below $8,235 with every time frame under monthly looking “ugly,” analyst Galaxy sees a drop below $8,200 soon but only after a few fakeouts. Don Alt also sees Bitcoin turning bearish if we close below $8.2-$8.3k.
The on-chain metrics aren’t any good either. As Bitcoin Exchange Guide reported, investors’ sentiments are mixed and retail investor interest has “plateaued.” As such it is “deciding moment” for BTC.
Long Term: Bitcoin Ranges above $100k
In the short term, Bitcoin is struggling to make it way back above $10,000. But what about the long term?
Changpeng Zhao, the co-founder, and CEO of the leading exchange Binance sees the price going higher as the industry gets bigger.
As for what the CT thinks, economist and trader Alex Kruger conducted a poll on Twitter trying to find Bitcoin’s most likely long-term scenario.
#3 After a few more epic runs $BTC eventually matures and settles into a wide range, like most commodities do (in real-terms). Bitcoin maxis turn into goldbugs 2.0.
#4 Bitcoin dumps into oblivion. People keep on buying the dip. Bitcoiners get REKT.
Which one is more likely?
— Alex Krüger (@krugermacro) November 16, 2019
The majority of the CT, 46% of 4,105 voters, believes after a few more epic runs, BTC will eventually mature and settles into a wide range. 44% of 3,273 voters see it ranging above $100k and 24% between $30k to $100k.
A higher percentage (20%) of people think Bitcoin will dump into oblivion and Bitcoiners will get REKT than those who see Bitcoin becoming a global reserve currency (17%) with hodlers getting “immensely rich” and for the leading cryptocurrency to continue to outperform as scarcity keeps prices going up “forever” (16%).