Trace Mayer: “Crypto Winter” Could Be 6-9 Months Longer, $3K Bitcoin Price Less Favorable
Trace Mayer: Bitcoin Could hit $3k in Coming Months
The cryptocurrency markets remain in perpetual freefall. Experts in the financial world are calling 2018 a crypto winter, and they are not far off the mark.
Across the board, nearly every cryptocurrency on the markets have taken a hit in both their overall value and their market capitalization. It all started with the price crash of Bitcoin early in the year, and the shockwaves from this massively bearish trend sent nearly every altcoin into a spiral of falling prices and declining investor faith and interest.
But the eyes of the world are more on Bitcoin than any other altcoin created during the ICO rush of 2016 and 2017. The general sentiment is that, because of the huge dominance that Bitcoin still exerts over much of the market, bullish waves will only be seen by participants once Bitcoin begins to recover in its price.
When—and if—this will happen remains a topic of heavy contention within the cryptocurrency community, where heavy bearish sentiments continue to underscore nearly every conversation with a pervasive sense of pessimism. But still, optimists remain resolved that the currency will recover sooner rather than later.
Cryptocurrency personality and economics expert Trace Mayer recently came forward on twitter with a set of exciting predictions on the short and long-term future for Bitcoin and its price. Using his own tool to make predictions of probable scenarios, he concluded that the cryptocurrency would likely continue to fall in price for six to nine months, and could possibly fall to as low as $3,000 per coin.
But after this low, he outlined that Bitcoin could eventually hit significantly higher prices again, slowly clawing its ways out of these crypto depths.
The Mayer Multiple
The Mayer Multiple is the name of the system used by Mayer to try to predict the likelihood that any buy-in of Bitcoin will result in a net profit. According to this system’s latest set of predictions, readings are given relative to the suggested action of investors looking to profit off of the currency. A reading of .9 or higher, for example, suggests that investors take a “strong buy” stance on the digital asset, while lower amounts would strongly suggest not buying—or even selling—stock in the coin.
As of September 17th, the value associated with Bitcoin by the Mayer Multiple was .85, which would definitely suggest that investors should be excited about the future of the cryptocurrency. In a chart posted on his Twitter, the expert predicted that in December of this year, the currency could hit a price of $9,000 by December of this year.
Drop Below $5k?
Mayer predicted that the markets could continue on their current path of a “slow bleed,” whereas Bitcoin could eventually fall to below $5k per coin in the short-term markets. He isn’t alone in this prediction, either. Leading financial experts have been quick to espouse that the cryptocurrency isn’t done bleeding in the short-term, although long-term prices look much more bullish.
Mayer did not stop there. He also outlined that he believes that the cryptocurrency is likely to fall even further, possibly dipping as low as $3,000 before an eventual rebound happens and the markets begin to recover once again.
Like many experts in the cryptocurrency markets at the moment, Mayer is relatively clear in his conviction that Bitcoin will bleed in the short-term, but will flourish in the long. By December of this year, his system holds that Bitcoin could be around $9,850 per coin, while the same time next year could amount to an astronomical $21,600, an all-time high for the cryptocurrency.
For the altcoin markets, the recovery of Bitcoin, as well as its ascension to a new high, could have a resounding impact. Until then, though, the entire crypto space will continue to suffer as cryptocurrencies fall further in price and investor interest dips to recent lows.