Indeed, 2018 has been an eventful year for cryptocurrencies, especially Bitcoin. The top-ranked cryptocurrency has declined gradually throughout 2018 dipping almost 70% of its mid-December 2017 high of $19,500. In June 2018, Bitcoin experienced a tumultuous time again, declining and rising severally. It even set a new 2018 record low by dipping below $6000 two times. Nevertheless, despite these setbacks, it seems there is much hope on the horizon for Bitcoin investors and enthusiasts.
Crypto Market Today
WLPR Chart Depicts that BTC is Oversold
In line with the Williams Percentage R (WLPR) Indicator, BTC is projected to experience an exponential price reversal. The WLPR Indicator helps discern whether an asset is oversold or overbought. Currently, some analysts strongly believe the WLPR for BTC is depicting a looming reversal of the downtrend, which characterized BTC prices in early and mid-2018.
The WLPR Indicator presently shows BTC at -80 markers clearly signifying a supersaturation of the BTC sales market. Between -80 to-100 is the phase where experts are confident an asset is being oversold. This phase is also the best to venture into the market in preparation for the likely exponential rise.
When is this Exponential Rise Expected to Happen?
The AMSYS Group analyst openly expressed that he had “no idea” when the BTC price could shoot up but stressed that the rise will take place due to the store of value of BTC.
More investments are expected to be pumped into BTC and probably within the next three to five years, BTC may hit $100,000.
Oliver Von Landsberg-Sadie, the founder and CEO of BitcoinBro stated that BTC is basically facing “growing pains” as the marketplace evolves.