For the last few weeks the price of Bitcoin has been in a constant struggle to either rise up or fall. Many analysts have predicted that things will be fine as long as BTC stays above the key support level. Some have also predicted that the price correction is an indication that a bull run is on the horizon. However, one cryptocurrency researcher recently said that lower lows are inbound.
Cryptocurrency Researcher Predicts Lower Lows For BTC
Willy Woo has always had a voice in the cryptocurrency industry. Recently, he said that, if historical trends are to be considered, the price of BTC may fall significantly soon. He made reference to the number of short and long interest on Bitfinex’s contracts and the market response to these movements in the past. At the start of 2018, the market was more indecisive. The bearish price action coincided with the minimal long and short positions.
According to Woo, the last time the market was this indecisive, it was due to a lack of speculation in future interest and it caused a significant fall in the price of Bitcoin. During the periods of low volume last year, January, August, April, and November, the same thing happened. Woo said:
“Zones of minimal Long + Short positioning have historically coincided with bearish price action during bear markets. When [the market is] undecided, the ‘trend is your friend’ prevails.”
Woo didn’t make any specific price prediction or call out a possible bottom. However, he insisted that the price of BTC is more likely to fall than rise if history is to be taken seriously.
How Low Will Bitcoin Go If Lower Lows Are Inbound?
If Woo’s prediction is correct and the price of BTC hits lower lows, it may lose up to 25% of its current value. This will take it all the way to $3000. Considering the fact that BTC fell as low as $3150 in December, a fall to $3000 will not be a surprise. $3000 has been the most popular prediction for a Bitcoin bottom. However, some have predicted even lower bottoms.
Bitcoin (BTC) Price Today – BTC / USD
On Twitter, another analyst, Financial Survivalism, said that Bitcoin has been unable to surmount a long-term declining trendline at ~$4,600. According to him, the longer the flagship cryptocurrency fails to do this, the higher the chances of hitting app lows. He predicts that BTC may hit to lows of September 20th of November 25th. What this means is that the price of Bitcoin may trade flat for about two or three months before it falls dramatically and eventually hit $800. No one would want this to happen but Survivalism has a solid case. Before now, Survivalism had predicted that Bitcoin will go as high as $10,200 but before then, it will fall as low as $1,165.
Many others have said that Bitcoin will fall as low as $2000 before a bull run will resume. Murad Mahmudov, has been calling this bottom for months now. He said that the historical price action and fundamental signals all point to lower lows.
What do you think? Will Bitcoin still fall lower against the USD? If so, what is going to be the bottom? Share your comments.