What? Bitcoin Could Hit $1,165 Before $10,000
Financial Survivalism, a Bitcoin proponent and self-proclaimed “financial revolution prepper,” recently remarked that from his point of view, BTC could fall to $1,165 in the near future, citing the so-called “Hyperwave” form of price analysis. Survivalism even remarked that if the flagship cryptocurrency reaches Phase 1 of its Hyperwave formation, it could rapidly spike under that level in a wick.
He was so confident that Bitcoin will eventually hit that price point, 68% lower than current levels, that he took up a wager with Murad Mahmudov, a leading crypto analyst and partner at Adaptive Capital that expects this market to reach a bottom in April/May. According to Survivalism’s tweet, he bet 0.1 BTC, valued at $360 U.S. dollars at current, that the flagship cryptocurrency will reach $1,165 on Bitstamp before $10,200.
Although this sum isn’t a large amount, the two notable analysts were willing to put their reputations and pride on the line for this wager.
In a separate chart, which disregarded Hyperwave analysis, the analyst drew attention to other technicals and trends that indicate Bitcoin could fall lower from current levels. More specifically, he drew lines between 2014/2015’s bear season and the one that the cryptocurrency space is currently embroiled in.
Survivalism noted that in the previous bear market, BTC entered a so-called “Adam and Eve” formation for a temporary upside breakout to test the 200-day exponential moving average, but fell lower in that cycle’s last bout of capitulation.
As the Bitcoin chart just entered an Adam and Eve formation, Survivalism claims that history may rhyme, meaning that the asset could first retest $5,500 before embarking on a move to establish lower lows. In fact, through this chart, the analyst revealed that if history actually rhymes, $732.84 for each BTC could eventually be in the cards.
While there are some evident discrepancies between his charts, an overarching theme that Survivalism has enlisted is the idea that digital assets could fall further from current prices, even if optimists would beg to differ.
Short-Term Bearish, Long-Term Bullish
Survivalism’s recent comments underscore a common sentiment held by a majority of industry pundits that while Bitcoin could fall lower in the short-term, over the long haul, the asset can appreciate in an exponential manner.
On multiple occasions, Mahmudov has drawn attention to the $1,600 to $2,300 range, claiming that BTC is likely to bottom in that range. While this may seem foreboding, he once commented that he’s so bullish on Bitcoin’s long-term potential that he wouldn’t spend the asset for 10 years.
Zhao Dong, a Chinese Bitcoin legend, recently noted that while BTC could fall lower in this “crypto winter,” spring is around the corner, and it would be wise to accumulate cryptocurrency while the public doesn’t care. Analyst Josh Rager echoed that sentiment to a tee, explaining that after potentially further lows in 2019, potentially few of those in the “general population” could afford an entire Bitcoin.
Title Image Courtesy of Descryptive.com Via Unsplash
