Financial Survivalism Believes Bitcoin Price to Drop Below $1,200 Before Reaching $10,000 Price Point Again
With the bear market and the ever-evolving trends of Bitcoin, there are many analysts and experts that have voiced their opinion of exactly where Bitcoin will go from here. Predicting these trends is difficult, considering that the traditional financial market is so much different from cryptocurrency. Still, one Bitcoin supporter and self-proclaimed “financial revolution prepper” named Financial Survivalism has made his own prediction.
According to Financial Survivalism, Bitcoin could easily drop down to $1,165 soon, claiming that the “Hyperwave” form of price analysis was applied to make this determination. The individual also said that reaching Phase 1 of the formation would result in a massive spike at that level.
On Twitter, Financial Survivalism added, “@MustStopMurad is calling for a bottom in #Bitcoin in the $1,600 – $2,300 area. I'm calling for a return to Phase 1 of the #Hyperwave at $1,165 & could see it spiking even lower. I proposed a 0.1 $BTC bet & Murad accepted! Terms are $1,165 gets hit on Bitstamp before $10,200.”
See below for tweeted chart attached in post:
The faith that Financial Survivalism has in his prediction is so strong that he sees Bitcoin reaching that price point, leading to a wager with a leading crypto analyst named Murah Mahmudov. Mahmudov is a partner with Adaptive Capital who has said that the market will soon reach its bottom in April or May. As stated in the above tweet, Financial Survivalism wagered 0.1 BTC, which is presently worth $360. This wager, based on the amount, is clearly more about reputation and pride than it is about the actual money.
Another chart provided ignored the Hyperwave data, focusing instead on other trends and technical details that support the idea that Bitcoin could drop further. Financial Survivalism noted,
“Here is the macro chart which I am following most closely. Has been progressing very nicely over the last couple of weeks. Notice how we had a similar Adam & Eve pattern in the 2015 bear market that provided a dead cat bounce which was quickly rejected by the 200 EMA. $BTC #Bitcoin”.
Here is the chart that Financial Survivalism included in their tweet:
If the present-day market rhymes with the market’s history, the asset could retest at $5,500, preceding a drop to low values. In fact, in the event that history actually matches itself, each BTC could ultimately be worth $732.84. Each of the charts show clear errors, but the whole point of Financial Survivalism’s statements is that digital assets could fall, regardless of the opinions of optimists.
One major Bitcoin player in China, Zhao Dong, stated that he sees BTC falling even more during this “crypto winter,” but a new season is coming. Even while the public wants to turn away from cryptocurrencies, purchasing while the prices are low to prepare for the upcoming bull market that many people believe is coming. Another analyst, Josh Rager, believes the same, saying that the upcoming lows could make it possible for the everyday consumer to easily afford Bitcoin.