Respected Crypto Commentator ‘Looposhi’ Says Bitcoin Has Reached the Best Time to Buy
Bitcoin is going through a historical trend right now, and Twitter commentator Looposhi has plenty to say about it. Looposhi, who has 54,000 followers, has been examining that led up to the halving that is presently occurring. While investors that are less seasoned with this situation are panicking, Looposhi said that this is actually a big opportunity for newcomers to purchase the token at a lower price.
So far, there has only been two situations for Bitcoin that resulted in halvings, but the focus of Looposhi remains on the pre-2016 situation involving halving price action. Approximately 550 days before the halving, which ultimately occurred on July 9th, 2016, the bottom of the market was found, as Bitcoin went down to a range between $200 and $300, lasting about seven months. However, it was this lengthy time that immediately preceded a striking high, which ended up occurring about seven months post-2016 halving.
Presently, the bear market of 2018 reminds the commentator of the 2014-2015 market, based on only the market structure and the price action. However, unlike that time, there wasn’t a sudden and catastrophic catalyst to cause it. In 2014-2015, there was an 85% correction, while the current market is at about 82.5%. These similar numbers have many investors believing that the market is about to approach its bottom.
Looposhi posted an image on Twitter to reflect on the similarities, and how the next year will ultimately bring the Bitcoin bottom before leading to the uptrends the rest of the market has been waiting for. Based on these calculations, the halving should happen sometime in the first half of 2020.
Halving changes multiple issues in the industry, like the loss of mining rewards. However, as the market balances out, these rewards will balance themselves out. The temporary loss will leave miners down for a small period, which has previously caused worry about a “death spiral.”
Billy Bambrough has mimicked these remarks, talking to Forbes about the dynamic in May this year. He wrote,
“While the Bitcoin price has climbed somewhat ahead of both subsequent halving events, the price has gone on to boom in the subsequent 12 or so months.”
Still, as far as the crypto market goes, price predictions are largely varied with little history to properly show what will happen. If anything, this year has shown that investing in cryptocurrency is something to be cautious about.