Past Indicators Suggest Bitcoin’s Price Will Surge by More than 200% in the Future
A quick look at some of the data available on The Nasdaq shows us that following the dotcom bubble of the late 90’s (as well as the financial meltdown of 2008), both of these markets then proceeded to more than doubled in value — thereby pointing to the fact that Bitcoin too could be in the face of some serious bullish momentum in the coming 6-12 months.
From a technical standpoint, we can see that BTC’s 200-day moving average is reversing for the first time nearly 1.5 years. Not only that, a host of other indicators also seem to suggest that the short-term profitability of the asset is currently at an all-time high.
Pantera Capital: Bitcoin Has Bottomed Out
As per Bloomberg’s Michael Patterson, if Bitcoin did indeed bottom around the $3,100 mark back in Dec 2018, the flagship alt-asset will most likely start to experience a strong upward surge in the coming 60-90 days.
On the subject, Patterson was quoted as saying:
“If Bitcoin has in fact bottomed out, history suggests there could be further upside. The Nasdaq more than doubled in the five years after its post-bubble low and has since reached record highs that are well above its peak during dot-com mania,”
As many of our readers are probably well aware of, ever since Bitcoin plunged to its 12-month low recently, the currency has recorded a 60% increase in its value — with the asset currently sitting at a price point of around $5,000.
Also, it should also be pointed out that previously former International Monetary Fund (IMF) associate Mark Dow had stated in an interview that if the premier crypto asset was to scale back to the around $5000-$6000 region, it could possibly witness an amazing breakout once again.
How are the Experts So Sure that BTC Has Finally Bottomed Out?
A few days back respected-analyst/crypto trader Alex Krüger mentioned that based on technical data associated with BTC it was quite clear that alt-currency had reached its bottom at $3,122 — thereby finally breaking free of its 16-month bear market.
In relation to the subject, he was further quoted as saying:
“The crypto bear market has been over for three months now. BTC breaking above $4,200 will mark the end of the bear trend that started in January 2018. Going to miss this big fellow. This is not a call. Not a matter of aging well or not. A break above 4200 technically ends the bear trend that started Jan 2018. Facts don’t care about opinions. If strong selling resumes later on, that would represent a different trend.”
Nearly $3 billion ready to flow into BTC and alts. https://t.co/kWTNCtbyZM
— Mati Greenspan (@MatiGreenspan) April 5, 2019
Other Key Data Worth Pointing Out
- A number of experts are of the opinion that billions of dollars are currently waiting on the sidelines to enter the crypto market.
- Some strategists also believe that Bitcoin’s current movement is similar to what was seen back in the early 90’s when Japan’s Nikkei plunged during a period of intense correction.
In closing out this piece, it should be noted that prominent crypto researcher Thomas Lee, recently said that “Bitcoin tends to showcase its largest gains during a 10-day period every year”.
Definitely a positive development that #Bitcoin is now above its 200D mov. avg.
–Many consider P>200D as sign of $BTC in positive trend
–BTC acts significantly better P>200D, a win-ratio of 80% vs 36% when P<200D
— Thomas Lee (@fundstrat) April 2, 2019
With all that being said, only time will now tell what the coming few months have in store for the crypto market at large.