A cryptocurrency analyst believes that it will not matter for investors whether they have purchased Bitcoin at $3,000 or close to $1,800. Bitcoin (BTC) reached an all-time high in December 2017 and the popular digital asset fell since then more than 80%. Now, investors are trying to understand which is the bottom and when it is going to happen.
Josh Rager, a technical analyst in the cryptocurrency market, said that in five years it will not be important for investors if they bought Bitcoin at $1,800 or at $3,000. The crypto influencer and analyst Soleil commented that Bitcoin is far from bottoming. Rager said that Soleil means that after falling more than 80%, a new 5% to 7% drop will no make a difference in three to five years.
Dog doesn't need me to back him up
But I think what he means is that we've already retraced from $20k to $3,100
After you retrace 85% – what's another 5% to 7% drop compared to how low the market has already dropped
$1800 or $3000 $BTC won't matter in 3x to 5x years
— Josh Rager 📈 (@Josh_Rager) February 22, 2019
The Crypto Dog, an analyst on Twitter, said that what Josh Rager said what he tries to say when he mentions that Bitcoin has reached its bottom. Thus, it can fall a few hundred dollars more but it would not be significant in the future when Bitcoin starts a new bull market.
The comments that Rager gave are very positive for the whole cryptocurrency space because they show that Bitcoin and virtual currencies have a large potential to grow in the future. Bitcoin could reach new highs and other cryptocurrencies would clearly follow.
Jesse Lund, IBM’s blockchain head, said that Bitcoin could grow up until $5,000 during 2019 and reach $1 million in the future. This is similar to what John McAfee says and predicted back in 2017. McAfee said that Bitcoin could reach $1 million by the end of 2020. Other analysts think that Bitcoin could reach values between $50,000 and $250,000.
Rager has also mentioned in the past that 2019 could be the last time that “general population” would be able to purchase a whole Bitcoin. He explained that Bitcoin could start to grow parabolically in the next few years. That means that it does not matter when holders will start to accumulate Bitcoin during this period.
Murad Mahmudov, a partner at Adaptive Capital and a recognized analyst, explained that Bitcoin could reach new lows in the near future. According to him, there are several virtual currencies that are overvalued, such as XRP, Ethereum (ETH), or EOS.
According to a recent report released by Bloomberg analysts, Bitcoin could fall close to $1,500.
At the time of writing this article, Bitcoin is being traded around $3,972 and it has a market capitalization of $69.74 billion.