Bitcoin prices have dropped and eventually plateaued, with changes of $500 witnessed from time to time. As we all know, trying to predict Bitcoin prices, let alone that of any cryptocurrencies isn’t a simple task. But many still try to predict with the smallest errors possible.
Crypto news platform, News BTC has published a post that explores the possible price hikes we can expect for the crypto giant. In general, it has been argued that if Bitcoin manages to remain above its current 0.5 Fibonacci Level, then the crypto can get back to about $5,000 by May.
Such findings were based off of a crypto analyst who goes by the Twitter name, ‘fil₿fil₿’. Recently, fil₿fil₿ posted his prediction of what one can expect to happen to BTC. An evident pattern is said to be visible along with the latest lows sitting at roughly USD$3,400, USD$3,600 and USD$3,800. Other indicators that have been utilized include the MACD cross trending, which indicates “bullish signals” and a Chaikin Money Flow (CMF), which indicates the best buying times.
As previously mentioned, ensuring that prices remain around the 0.5 Fibonacci level is important to be watchful of. Fibonacci Level is an indicator that provides different market insights.
For instance, if investors are looking for the right time to buy, then the prices should plateau at a specific level. Once it “bounces off” that specified level for a period of time, then it’s time to buy. The 50% mark is one that has been watched, and it typically represents the rate of correction or retracing witnessed by the price (https://www.investopedia.com/terms/f/fibonacciretracement.asp).
News BTC has also explored the different predictions made by others, whom have argued that a “longer recovery” time might be needed. In particular, a 61.8 Fibonacci Level is being eyed by others, as it follows the Fibonacci pattern, whereas the 50% mark is deemed a computational value.
Finally, it seems like 2019 for Bitcoin will be a slow one, as many anticipate it to reach $5,000 by October 2019, leaving 2020 as the year to get Bitcoin prices back on track. On the contrary, if prices continue to drop, it is believed that the downward trend will only persist. So, prices can take any direction at this point.
What are your thoughts on the use of indicators found here? Are you shocked to see that it might take as long as October 2019 to see some hikes?