Bullish Crypto Expert Anthony Pompliano Forecasts $3,000 Bitcoin Price Stating Bear Market Stats

Will the Bear Market Push Bitcoin Price to $3,000

In a significant turnaround from a bullish market position, Anthony Pompliano predicts that bitcoin prices could fall up to $3,000. This prediction by the Morgan Creek founder was after his recent forecast in January when he said that bitcoin price would reach $50,000 by the end of the year.

Changing Price Timelines

In early July, Mark Yusco, the founder of Morgan Capital Management, predicted that the bitcoin price would reach $25,000 by December 2018 before culminating in amounts over $500,000 in less than six years. However, Pompliano, states that upon further examination of more data, he reviewed his previous optimistic approach.

He stated that the parabolic bitcoin prices are taking longer than before. The first quick appreciation occurred from 2010 to 2011, while the second one occurred between 2011 and 2013. The most recent parabolic increase in price had a high peak of $20,000 and started from 2013 to 2017. Pompliano believes that if you extrapolate this trend, then it means that bitcoin will not hit another new high until late 2023.

By tracking historical market data, it shows that the bitcoin’s primary bear market in 2011 only lasted for 160 days, while the following one lasted 400 days from 2013 to 2014. Pompliano used that data as the basis of his prediction to state that the ongoing bear market will possibly run for approximately 650 days. If this new prediction is accurate, then crypto markets would need to wait until late 2019 to recover from the adverse price changes, which is significantly longer than what many participants in the market currently anticipate and could potentially cost many investors.

New Prediction Model

When asked about his earlier bitcoin price predictions, Pompliano admitted that he was wrong, but that it was vital for him always to test his beliefs and assumptions. He rebuilt his prediction model and collected better data to achieve this new prediction that suggests several unpleasant outcomes with a notable price decline in Bitcoin prices ahead. After reviewing the available data, Pompliano found that Bitcoin price would likely reach $3,000 over the next few months than anywhere close to $10,000.

Conclusion

In conclusion, Pompliano reiterated his belief for a stronger bitcoin price that could eventually hit $50,000, even though in the next four to five years. He advised investors to get ready for a bumpy road with regards to bitcoin prices as they conduct their individual interim research.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today