Welcome to today's edition of the bitcoin bulls vs the bears where we share a few key perspectives from the crypto community and research for the latest analysis from the most reputable names in the bitcoin ecosystem.
Below you will find five of the top overviews regarding the most recent bitcoin price forecasts and crypto asset predictions. There is a good blend of bull and bear to consume in our best takeaways of today's BTC value summary, but the overwhelming majority who are in the know and on the go are still betting big on ₿itcoin.
- 1 Go Super-Long Crypto Permabull, Bitcoin Whale Mike Novogratz: Another BTC Value Surge is Imminent
- 2 Most Crypto Investors Believe We Will Stay in a Bitcoin Bear Market; Could it be Close to an End?
- 3 Bitcoin to Reach New All Time High if Pattern Stays True, $3,000 Price Point Will Be Considered Cheap
- 4 Analysts Call out the Exhaustion of Current Crypto Rally, BTC, ETH, & LTC Ready for a Drop
- 5 Last 8 Years USD Lost 99.98% Against Bitcoin
Go Super-Long Crypto Permabull, Bitcoin Whale Mike Novogratz: Another BTC Value Surge is Imminent
Mike Novogratz, CEO of Galaxy Investment Partners has hinted that the prolonged crypto bear market is over and the price of bitcoin (BTC) and altcoins are set to moon again shortly, according to reports on March 18, 2019.
Novogratz says Bitcoin Price Can Only Go Higher
Billionaire bitcoin investor and entrepreneur, Mike Novogratz has reportedly stated that the price of bitcoin and other digital assets may be getting ready for another bull market after the brutal 2018 crypto bear market that saw the price of the flagship crypto crash to $3K.
Earlier today, CZ posted the poll on Twitter, asking followers whether we’re in a bull or bear market.
We are in a:
— CZ Binance (@cz_binance) March 18, 2019
“Looks pretty sideways to me. But basing. Next move higher,” Novogratz said.
Interestingly, out of the 28,000 votes so far, about two-thirds of voters said the bears are still ruling the crypto markets, however Novogratz is among the very few hodlers who opined that the price of bitcoin has found a bottom and could begin an upward moment.
No Specific Timeframe
While Fundstrat’s Tom Lee recently forecasted that the price of bitcoin will enter the bull zone in five to six months’ time, Novogratz's has mentioned any specific time for the markets to regain its bullish momentum.
At press time the price of bitcoin has remained stable at the $4k area, with volume surpassing $11 billion in recent days, a milestone that was last reached nearly one year ago.
While crypto investors may love to believe the bullish forecast, there is still an air of skepticism brought about by last year’s unmet expectations.
Mixed reactions trailed Novogratz’s predictions, with some followers reminding him of his not too impressive track record, while another commended his optimism.
Not too long ago, Novogratz predicted the price of bitcoin to hit the $40k region in 2018, however he later revised his forecasts to $10,000 in the wake of the crypto bloodbath.
Institutional Investors to Fuel Crypto Growth
With several institutional investors including Nasdaq, Fidelity and the Intercontinental Exchange (ICE) looking to join the crypto bandwagon, Novogratz has made it clear that these institutional monies will significantly fuel the price of bitcoin to the moon once more.
He noted that the same fear of missing out (FOMO) that made retail investors to buy bitcoin and other cryptos in 2017, will be experienced by several firms shortly.
Most Crypto Investors Believe We Will Stay in a Bitcoin Bear Market; Could it be Close to an End?
2018 was a very negative year for Bitcoin (BTC) and cryptocurrencies. Since December 2017 until December 2018, Bitcoin dropped more than 80% and other digital assets lost more than 90% of their value. In a recent poll conducted by Changpeng Zhao, de CEO of Binance, 64% of the voters said that we are in a bear market. 36% answered that we currently are in a bull market.
The poll conducted by Zhao registered more than 28,300 votes and 64% of them selected the option that we are in a bear market.
At the same time, Todd Butterfield said that 64% of the bearish votes means that the low is in already for Bitcoin. Todd Butterfield is president at The BlackBay Group, LearnCrypto.io and many other initiatives.
At the same time, Thomas Lee believes that the market has already bottomed. Bitcoin reached $3,200 in December 2018, the lowest point in more than a year. Several coins and tokens from Initial Coin Offerings (ICOs), have been affected by this bear market and reached a bottom at that time as well.
Since that moment, many digital assets have more than doubled in price. Some of these assets include Litecoin (LTC) and Binance Coin (BNB). They were the best performing cryptocurrencies among the top 10 during several months.
Is the bear market over? Well, that’s a question that is difficult to answer. Nonetheless, there is a very positive sentiment in the market after several months in which the market did not perform as expected. If Bitcoin is able to remain above $4,000 for a long period of time and surpass $4,200 we could be close to the end of the bear trend that started a few years ago.
Bitcoin to Reach New All Time High if Pattern Stays True, $3,000 Price Point Will Be Considered Cheap
The cryptocurrency market is alive and kicking. Whether people are making gains or losses, one crypto or another is constantly being traded or exchanged. Most predictions or supposed indications have not exactly come to pass as it would seem like the behaviors of these currencies are extremely volatile but also very arbitrary. However, some people think that with Bitcoin (BTC) the behavior could actually be quite predictable.
One of such people is an analyst and trader known as Galaxy. The trader who recently took to Twitter to express his views to his really large number of followers explained that the price of Bitcoin would shoot up very soon.
According to the tweet:
“Although prices may appear to be random (to some), they actually create repeating patterns and trends.”
Observing this pattern makes April the last month of cheap $BTC.
And now, of course, it will be cheap multiple times in the future, but never $3K cheap. $BTC”
Galaxy expressed that in the past, the crypto had unsuccessfully made attempts to stop its then-continuous dwindling streak at least thrice. After the second time, it was thought that there would be a considerable uptime because a lot of people started to accumulate the crypto.
This pattern, Galaxy says, is now currently repeating itself and based on its previous occurrence, the month of April will definitely see the lowest Bitcoin prices and there will never be a price less than $3,000 anymore.
Reactions To Galaxy’s Predictions
As with any prediction or pronouncement in the crypto industry, some people think that Galaxy’s pronouncements are accurate while many others think its complete hokum. Some of the people who disagree have described the analysis as “too easy” saying that it would be too easy and expected for Bitcoin to follow the same exact trend.
One person who seems to agree with Galaxy is an analyst named KALEO. The analyst believes that in about two years, Bitcoin could hit an all-time high, probably even higher than the current highest figure.
Another analyst who likes the theory is Alec Ziupsnys who is also called the Rhythm Trader. Alec has also explained that based on past patterns and trends, Bitcoin could significantly surpass its current all-time high figure of about $20,000.
However, on the other hand, some others are not very excited about Galaxy’s pronouncement. The biggest problem most people have with the prediction is that the stipulated period expected for this is too short. They think that the duration is expected to be a lot longer because there currently is a lot of money in the market.
Analysts Call out the Exhaustion of Current Crypto Rally, BTC, ETH, & LTC Ready for a Drop
According to crypto traders and analysts viz. Credible Crypto, Smart Contractor, and Jonny Moe, after seeing the greens for the past couple of days, this might be time for the top cryptos i.e. Bitcoin, Ethereum, and Litecoin to move downwards.
At the time of writing, the leading cryptocurrency has been trading at $4,026 with 24-hours gains of 0.14 percent while managing the daily trading volume of $8.7 billion, as per the data provided by Coinmarketcap.
According to the market analyst and trader, Benjamin Blunts, the current situation is not bullish for Bitcoin and it could take a drop to $3,550.
“BTC is not looking healthy RN, and many major alts looking like they've completed 5 wave cycles. I think it's possible we come back and test 3550 and most likely a lot of alts will shit the bed in the meantime. was fun while it lasted, hope you all have taken some profit.”
According to the crypto trader, Eric Choe, the bullish scenario for Bitcoin currently is to reach the $4,060 and $4,100 range and a potential break toward $4,200 ranges. While if Bitcoin breaks in the market structure on the “4-hour timeframe for a short,” we will be witnessing a bearish situation.
1. bulls – we want to reach the 4060 – 4100 ranges and potential break towards the 4200 ranges (based on 1's and thirds)
2. bears – we want to see a break in the market structure on the 4-hour timeframe for a short pic.twitter.com/fcyYaZEh88
— Eric Choe [Mr. Swing Trade] (@CryptoChoe) March 17, 2019
Crypto trader, Credible Crypto echoed similar thoughts as of Blunts as he shared, “Although I was really hoping for that 4.1k on BTC (we hit $4050 on the last push up), ETH looks like it's done here, which makes me thing BTC might be as well. Might have to prepare my shorts a bit early.”
The second-largest cryptocurrency by market cap is currently trading at $139 with 24-hours loss of 0.42 percent. Though, traders seem to be bullish on this digital asset as the ETH USD longs on Bitfinex are constantly rising upwards hitting the peak, crypto trader, Jonny Moe says this is not a good sign.
— Jonny Moe (@JonnyMoeTrades) March 18, 2019
As stated above, Credible Crypto is also bearish on Ethereum right now as he says, “Currently looking to short ETH as the move up on ETH looks more “complete” to me than the move up on BTC.”
According to him, Ethereum correction has “changed perfectly” and now might be targeting the lows at $122.
Litecoin is enjoying good gains since it hit its yearly low last year and is currently sitting at 4th position, having beaten EOS. At the time of writing, LTC has been trading at around $60 with 24-hours loss of 1.55 percent. But according to Blunts, LTC has completed its gains and now a “significant” pullback can be expected.
“Target hit with what now appears to be a swift rejection after a 5 wave completion. If my count is correct we should see a fairly significant pullback here.”
Last 8 Years USD Lost 99.98% Against Bitcoin
We couldn't end the post on a negative note when so much future brightness remains.
Here is a pretty incredible feat for ₿itcoin to post up a stat as such:
— plan₿ (@100trillionUSD) March 17, 2019
It now has many wondering is the USD Dollar following Weimar’s Hyperinflation path against BTC?
The US Dollar could be performing in a similar way as Germany’s Papiermark during the hyperinflation period that the currency experienced between 1921 and 1923. The recognized crypto analyst PlanB has uploaded a chart to Twitter comparing the performance of Germany’s Mark and the US dollar against Bitcoin.
You can read the full post here to see how BTC gained 99% on USD.
Thanks for reading today's Bitcoin Price watch analysis from all of the top experts and community contributors.