Crypto Forecasters are Calling for Sub $5,000 BTC before Bitcoin Bounce Back
Recently, Fundstrat’s Tom Lee assured that he is still aligned with his $30,000 Bitcoin forecast target by December. However, most prominent crypto bulls are not as optimistic as Lee about the short-term trend of Bitcoin.
Notably, a couple of months back BitMEX CEO Arthur Hayes stated that he would like to see the BTC price fall to the $5,000 region before recovering and launching a 2017-esqe rally to ensure that the market does not expose itself to the creation of a minor bubble.
Earlier this month, ShapeShift CEO Erik Voorhees and cryptocurrency investor Anthony Pompliano, better known as Pomp, echoed the sentiment of Hayes, stating that the bear market of Bitcoin is not over just yet.
“I don’t expect it (bear market) to end soon, although I do think that the rate of collapse has slowed considerably. Generally in these bubbles, after you go through several months of a downtrend you hang out in a range for a while… But I think we are done with a majority of the collapse.”
He offered a relatively spirited viewpoint on the trend of the crypto market, noting that while the bear market of Bitcoin has evidently not ended, the worst part of the correction has slowed down.
In similar news, researchers at Diar reported that the rate of Bitcoin’s volatility has dropped to a 14-month low, as BTC confirmed stability in the mid-$6,000 range since August 6, for around three weeks. As seen in previous 80 percent corrections and rallies in 2012, 2014, and 2017, Bitcoin has traditionally required a period of stability before initiating a large rally on the upside.
Cryptocurrency investor Anthony Pompliano, better known as Pomp has not been as optimistic as Voorhees and Hayes, as he wrote in his newest newsletter that he sees the price of BTC falling to the $3,000 region before recovering to the $10,000 resistance level.
“The final data outputs left me with a few uncomfortable conclusions. The most notable one is that we are likely to see Bitcoin near $3,000 before we see Bitcoin at $10,000 again. If this is true, that means we still have ~50 percent price decrease to go. Things may get really, really ugly if this happens.”