The crypto market has slackened in the last days of August and at the beginning of September, with BTC dropping from $7300 to $6200. Nevertheless, Fundstrat analysts- Robert Sluymer and Tom Lee- strongly believe that this trend will take a U-turn shortly.
Tom Lee’s Unwavering Faith
Once again, Tom Lee reiterates his $25,000 forecast. Lee is one of the most famous crypto analysts in the world, holding constant cryptocurrency discussions and analysis on mainstream media and the internet.
The primary reason why Lee considers that BTC price will not be shy of the $25000 mark is that he believes traditional financial institutions are on the verge of venturing into the crypto world, as more “lucrative” business prospects spring. Besides, Lee also suggests that the regulatory atmosphere surrounding the crypto markets will also be more accommodative as digital currencies are embraced in institutional and retail businesses.
Bitcoin (BTC) Price Today – BTC / USD
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Bitcoin Mining Price Indicator
In addition, Lee also observed a BTC indicator that he normally uses, the cost of mining a BTC. He stated that the price of mining a BTC by 2019 will be $14,000, mirroring the challenge.
Since BTC price is greatly determined by the price of mining, the BTC value will increase to accommodate the price of mining.
Sluymer’s Observation of a Remarkable Recovery Process for BTC
Another Fundstrat technical analyst, Robert Sluymer, suggests that the slight decline of BTC in the past one week signals a remarkable recovery process.
He agreed with Lee’s prediction by saying that the setup is imminent, but we want to see the currency breakout and move through some key points. $7800 is one of the major levels (that BTC almost reached towards the start of last week) which Sluymer termed as a struggling point of BTC, but an indicator of the BTC upward trend.
Analyst Who Predicted Rise of Bitcoin Stands by $28,000 BTC Price Call by End of 2019
Bitcoin’s wild ride is, in part, a reflection of the deep divide among people with different belief systems about the monetary system. Even within the cryptocurrency community, there are drastically different opinions about the current valuations of digital assets and where those values are heading.
According to a report published by Cointelegraph in December of last year, crypto bull Ronnie Moas, founder of Standpoint Research, “has given some of the most accurate price predictions”. Today Moas sticks by his $28,000 end-of-2019 Bitcoin price prediction. In a series of tweets, he laments what he believes is the current sell-off by retail crypto investors who are caving to the 1%.
Sad to watch the top 1% scare the crap out of you | separating you from your $BTC #bitcoin & keeping the gap between rich & poor | Reiterating $28,000 target for end-2019 | Do Not take a bet you can't afford to lose | I surround myself w/ #brightest minds & they all agree w/ me
— Ronnie Moas (@RonnieMoas) September 9, 2018
Meanwhile, Ethereum co-founder Vitalik Buterin, who spoke with Bloomberg at an Ethereum and blockchain conference, tempers the current Bitcoin and cryptocurrency downward trend with a dose of reality about outlandish gains.
“The blockchain space is getting to the point where there’s a ceiling in sight,” Buterin said in an interview with Bloomberg in Hong Kong. “If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
Crypt0 YouTuber Omar Bham takes a giant step back. He points to two charts to compare Bitcoin price action from August 22, 2013 – January 17, 2015 to November 8, 2017 – today. They are strikingly similar. The upshot: the tail end of the older chart, where Bitcoin reached $200, was the prelude to Bitcoin’s price surge.
I'm stoked. Crypto price markets have been repeating fractal patterns, and the beginning of 2015 is when I seriously began buying Bitcoin to hodl. Well, it seems like we're again back at that point- the point when prices hit their lowest, and began trending upwards.
.
.#bitcoin pic.twitter.com/IF1nu85qux— Omar Bham (Crypt0) (@crypt0snews) September 8, 2018
In a new Weiss Ratings report, analyst Juan M. Villanuevo details Bitcoin’s climb from 6 cents. It’s not a straight shot. Instead, it’s a pattern that’s both cyclical and predictable, writes Villanuevo.
“Bitcoin enjoys a massive bull market, culminating in a frenzied parabolic surge of speculation – the period we call ‘the climax.’
It comes crashing down as speculators beat a panicky retreat.
It consolidates for months, creating a dead zone of sideways action or further decline, from which only the diehard survive.”
He chronicles how Bitcoin bubbled up from February 2013 to April 2013, and then in less than week, the world’s number one crypto came crashing down, losing 80% of its value. The culprit: average investors and not enough liquidity to accommodate the influx.
The analysis concludes that in the run-up to the next cycle, the market will have more liquidity and “the climax” will be less extreme.
1st bull cycle ending June 2011, Bitcoin gains: 4,500%
2nd bull cycle ending April 2013, Bitcoin gains: 1,300%
3rd bull cycle ending December 2013, Bitcoin gains: 1,160%
4th bull cycle through December 2017, Bitcoin gains: 400
Here are some BTC 2019 predictions.
Kevin Murcko, CEO of CoinMetro
“Despite Bitcoin’s fairly limited use cases, and even though its technology may be less sophisticated when compared to some other projects, it will likely continue to remain the market leader in 2019. Bitcoin still has the reputation and the liquidity that make it preferable to other cryptos.
“It’s difficult to put my finger on a price, however: Bitcoin’s value will continue to be driven by a great deal of financial speculation.
“It’s important to remember that the crash we saw with Bitcoin this year doesn’t indicate lack of long term value. The bubble may have burst in 2018, but there’s still enormous substance and potential in the crypto market at large.
“The dot-com bubble was a great example of this in action. What old school analyst saw tangible value in the internet? Amazon’s stock dropped to a low of $6 when the .com bubble burst, and today, the company trades at $1,500 per share.
“The cryptos that survive this crash will continue to gain strength next year, and in the years to come. Like Amazon and eBay, out of a collection of cryptos that fail, a small but significant minority will succeed.”
Mitch Blakeway, Head of Trading at Quantatex
“We expect a high degree of volatility in the very near future.
“A high level of Bitcoins has recently been moved from cold storage to hot storage by significant influencers in the cryptocurrency market. What this means is that investors who have the ability to move the market are gearing up to trade. This could mean moves greater than 10% in either direction.
“There are notable levels of support and resistance with support around the $2,850 level for Bitcoin and resistance around $4,000 therefore a break either below $2,850 or above $4,000 could lead to momentum in that direction.
“We believe that Bitcoin will eventually shrug off the recent weakness during 2019 and expect the price to retest record highs of $20,000 by December 2019. This is justified on a number of fronts.
“We expect an ETF in Bitcoin to be authorised by the SEC in 2019. We expect continued adoption of certain cryptocurrencies such as Ripple (XRP) by banking institutions during 2019, which will have the knock on effect of positivity for Bitcoin as other cryptocurrencies tend to be ‘pegged’ to Bitcoin.
“We also believe that once the selloff has finished there will be modest headroom above the current price which will allow for buying momentum.
“During the dotcom boom the price of Apple shares went from $1 to $4 before ‘collapsing’ to $1 again. It now trades at around $176 per share at time of writing, therefore anyone fearing the worst after the dotcom boom would have missed out whereas anyone with a bit of courage and forward thinking would have seen significant returns.”
George Ermakov, Head of Research & Development at Crypterium
“Previous Cryptreium research identified a Bitcoin support area in the range between $3,000 to $5,000. At the moment, Bitcoin is actively trading in this range.
“Based on the existence of important fundamental factors such as the launch of BAKKT ICE and NASDAQ futures, 2019 is expected to be positive for price dynamics.
“Technical analysis based on logarithmic scale shows the expected price levels that bitcoin can reach in 2019. Bitcoin is likely to reach a price of around $12,000, which will be an excellent result and can initiate a further growth in 2020. 2020 is close to another important date – the BTC ‘halving’.”
