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What did the judge who predicted Bitcoin bottom to $ 3K say about today's disaster?

    There are dozens of analysts in the Bitcoin market but counting on the hands of real good people. One of the celebrities in this area is the anonymous TradingView user PenarthUdi. In fact, his predictions are quite accurate in the industry.

    In December 2018, he became famous thanks to the dire prediction TradingView. According to the descriptive chart, he expects Bitcoin to bottom out at around $ 3,000 by the end of 2018, then rise to $ 10,000 – $ 20,000 by mid-2019.

    bitcoin

    Although the range of predictions where BTC finds the bottom and the top is not entirely accurate, it actually follows the chart to point T.

    Even more surprisingly, in early February, analysts 'judgment' BTC will peak around $ 10,000, then drop to $ 5,400 by the end of March. Of course, the move plunged last night. brought the price of Bitcoin to $ 5,500 about 2 weeks earlier.

    In your opinion, what will happen next?

    Bitcoin will not lose control if this level is kept

    In analysis latest, PentarhUdi said “we will never see such low numbers again in my personal opinion”.

    Because Bitcoin is currently in the middle of a simple moving average of 200 weeks. This threshold has been maintained throughout the history of the property. If nothing has changed (this line is currently around $ 5,500), the chart shows that BTC will set the rally to $ 9,000 in June and then possibly be one of two scenarios:

    1. The potential breakout of the long-term descending trend line marks the peaks of $ 20,000, $ 14,000 and $ 10,500. This move will push Bitcoin to a new high above $ 20,000.
    2. After reaching $ 9,000, the cryptocurrency will be rejected by the long-term descending trend line, causing a breakdown to $ 6,200 or lower. At that point, BTC will reverse to a new high as it enters 2021.

    Extremely accurate analyst wrote that if the moving average fails to hold, it is “very bearish”.

    Data indicate resilience to Bitcoin price

    Compare the Bitcoin logarithmic price chart from 2013 to March 2016 with the chart from 2017 to today, the two are almost the same. This makes sense since 4 years ago, Bitcoin started to increase significantly.

    Redditor u / jayjay16022 already to post Chart up r / Cryptocurrency last night:

    bitcoin-down

    While there is no shortage of Bitcoin price prediction charts, it is worth noting that almost all analysts agree that halving in May has a big impact. By reducing the block reward to 6.25 BTC, the supply will decrease, putting pressure on prices. Bitcoin had 2 similar events before and after each price increased significantly.

    Although most analysts blame Corona virus for causing tragedy today, the truth is that the cryptocurrency market is extremely volatile. Price changes quickly and strongly is a very normal story. So far it is not clear whether the platforms will accept Bitcoin in bulk or are there any other factors that will affect blockchain development?

    However, it is clear that cryptocurrencies represent a new kind of global asset. Analysis of market patterns should be taken seriously. As more investments move into the crypto space, volatility will decrease and the sense of stability will be stronger.

    RA lot of changes in the past 4 years

    It is worth noting that a lot of things have happened in space since the last Bitcoin halving. In particular, blockchain technology is much more developed than in 2016. Many altcoin platforms have emerged that now have significant potential to achieve mass use success. While Bitcoin is still the leading cryptocurrency, it is more challenging than ever.

    It is still too early to determine if Bitcon price will continue to decline. In fact, all global commodity markets are now in freefall, posing a big question mark about the possibility of a global economic recession. However, there is a lot of data suggesting that the crypto market will eventually recover, as the mass adoption of blockchains is certain in the next few years. Therefore, as always, acting prudently and holding for the long term is still the best investment strategy.

    You can see the price of Bitcoin here.

    Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

    Thuy Trang

    Bitcoin Magazine

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