Elliot Wave Trader Avi Gilburt Predicts Bitcoin (BTC) Price Low Of $4,700

Founder of live trading platform ElliotWaveTrader.net, who is also a technical analyst Avi Gilburt, has issued a prediction for the future of Bitcoin (BTC).

BTC has had a long nine months bear market that has seen the digital currency drop from a high of $19,000 to its current price. This decline is said to be worse than the one that culminated after the dot-com bubble burst.

According to Gilburt’s analysis, BTC is approaching its rock bottom. His analysis of price movements in the last nine months shows a pattern in which the currency might go as low as $4,700. According to his prediction, before it reaches to that level, it will oscillate between $5000 – $6000 range for some time.

Varying Timescales

Even though Gilburt has not given specifics in matters to do with time, his associated graph indicates that the coin would hit the bottom around December this year. He also pointed out the fact that Bitcoin, like all digital currencies is volatile and warned that mitigating factors could push the coin to second downturn and push it lower to about $3000.

However, considering the rising interest of various institutions in stock market trading tools of BTC, this downturn might not happen. Gilburt says that such a low might fail to occur considering this interest. Introducing traditional stock market capital to the digital currency industry will increase the market’s liquidity and push up the coin’s value. The disadvantage though, is that this move will also bring about fresh volatility and add more hindrances to mass adoption.

Another prediction by Fintech research firm Trevis, indicates that BTC will probably rise to $8500 by December this year. This rise in price will be possible if the coin’s movement happens in a short duration of faster time scale. For this prediction to turn out true, BTC will have to first bottom out at around the beginning of November, then start climbing gradually as from December.

Short-term Movements

There are some new developments that could interfere with the price movements in the short-term. These developments include U.S. Securities and Exchange Commission (SEC) move on Bitcoin ETF’s, the ever-tightening Chinese restrictions and regulations, Coinbase custody services as well as the continued growth in the CBOE and CME futures market.

In the past few weeks, there have been several unexpected spikes and dips in the digital currency market. Most altcoins have lost up to half their value in the August trading period, and rallied up 20% in the last week. Bitcoin has also been on the losing side, going down 15% due to over-valuation. Despite this down turn, BTC has been the strongest performing of this industry and the least volatile asset of late. The coin experienced a small dip earlier this morning but has since stabilized at $6,500.

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

3,471FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Kraken Exchange Onboards Swiss Bank InCore to Help Euro Clients Buy Crypto With Fiat

Swiss Bank InCore has just become the first banking institution in the nation to provide banking services to Kraken crypto exchange. The deal, which was...

Bank Of Japan (BoJ) Launches ‘Technical' Study to Experimenting CBDCs

The race to launch a sovereign digital currency is heating up as Japan became the latest country to venture into a central bank digital...

This Top Coin, Being the Worst Performer of 2020, Is A Disappointment to the Crypto Market

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in green by 1.66%, like the majority of the market. With 8.61% losses In...

Cryptocurrency Payment Processor BitPay Finally Announces Support for SegWit

Bitpay, the crypto payment processing giant, has finally integrated the segregated witness (SegWit) protocol, a second layer scalable solution to make bitcoin processing cheaper....

Crypto Hardware Wallet Ledger: ‘Funds are Safe' After ‘BigSpender' Vulnerability Found

A vulnerability was recently discovered by ZenGo in popular cryptocurrency wallets Ledger, Edge, and BRD. Named BigSpender, the vulnerability could lead to a double-spend...

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