Crypto Analyst Not Convinced That Bitcoin Has Bottomed Yet
$7k still a possibility until bulls prove themselves
Forge $1 million, BTC will be worth $10 million, so don’t worry even if goes down to $3,000 again
Bitcoin price is still riding the green wave that started yesterday.
However, last month also started on a good note as it went up from $9,600 to over $10,900 in less than a week only to end up around $7,730 by the end of September.
The trading volume meanwhile is still low at just above $400 million.
$7k still a possibility
Bitcoin is still trying to break the 200 DMA early in the day but failed to do so, pointed out trader and investor Josh Rager.
The 200-day moving average is a technical indicator that is used to analyze the price trends. The price that coincides with the 200-day simple moving average is recognized as a major support level.
It is perceived to be the dividing line between an asset that is technically healthy and one that is not.
“Ranging between support and resistance zones – volume declining. The only play atm are trades on the lower time frames with decent price movement,”
notes Rager about Bitcoin price movement.
As for BTC returning to $7k, Rager says, it's a “possibility.”
It could very well be the case until bulls prove themselves by closing back above $8,750, said analyst DonAlt.
He further isn’t “convinced that we've bottomed.”
7700 hit and bounced a little.
I'm still not convinced that we've bottomed.
Just looks like consolidation after a big drop.
Bulls have to prove themselves here by closing back above 8750.
Until then this looks like poo. pic.twitter.com/jkJPKafxf8
— DonAlt (@CryptoDonAlt) September 30, 2019
Forge $1 million, BTC will be worth $10 million
Meanwhile, John McAfee, founder of one of the world’s top software security companies, McAfee Associates, is standing firm on his $1 million BTC price prediction by the end of the year 2020.
But even this figure he said is conservative.
“Let’s get real, there are only 21 million bitcoins,” McAfee said in an interview with Forbes. “Seven million of which have been lost forever, and then, if Satoshi [bitcoin’s anonymous creator] is dead, add a few more million,” he added.
He explains how if Bitcoin even gets to be 5% of the world's transactions, which he says it will, then BTC would be worth $10 million per coin.
“I think bitcoin represents simply a store of value,” McAfee said. “It is surpassed in every respect technologically and functionally.”
“A store of value which will increase, probably for the next 15 years, so for the next 15 years, don’t worry,”
“I don’t care if it goes down to $3,000 again,”
“It’s going to go up, we know it is.”