Bitcoin is currently down 81 percent from its all-time high at $20,000 in December 2017. At the time of writing, Bitcoin has been trading around $3,620. The leading cryptocurrency with a market cap of $63 billion recently took a hike of 7 percent. However, in the short-term experts aren’t feeling positive of any upward movements.
Recently, economist and crypto trader Alex Kruger has stated that “It will be very bullish if price goes up.” However, not all will be bullish as he further shares, “Though above 3600 is now longs territory. Above 3700 would expect another squeeze.”
Meanwhile, crypto analyst, Murad Mahmudov notes this year Bitcoin will find a bottom in the first quarter but no bull run till next year.
Similar sentiments of Bitcoin to experience a downward shift are shared by eToro’s senior analyst, Mati Greenspan who took to twitter to share that Bitcoin is, indeed, not out of the woods yet.
Crypto trader and investor Josh Rager believes when bulls will come in full force, the speculative value would be out of reach. On the lines of upcoming Bitcoin block halving in 2020 that is expected to trigger a bull run in 2021, Rager says this would be the time when people will be able to buy only fractions of Bitcoin.
I understand your perspective
I’m just speculating that Bitcoin will be beyond $10k in the next 3 years
Because technically the correction started end of 2017 and that would give the market close to 4 years to somewhat recover and put it a price where most ppl can’t buy one
— Josh Rager 📈 (@Josh_Rager) February 11, 2019
“This “could be” the last time the general population can afford to buy an entire BTC. After 2021 – Bitcoin could move to a market price where most will only buy fractions. Global income per household is debatable, regardless, BTC speculative value could be out of reach for most.”
And why is it so, Crypto trader that goes by The Crypto Dog says, “It’s not so much a “why” but a “why not?”” as,
“Bitcoin holds the same economic properties that have allowed actors to pump it to astronomical levels 4 or 5 times now. Can anyone provide a rational argument why this will not happen again?”
Well, it could be said that there aren’t enough newcomers in the market but The Crypto Dog argues, “Why would human psychology be any different in 2-5 years than it was in 2017 or 2013? Bubbles aren’t ever going to stop repeating and BTC is one of the easiest assets to pump and then dump onto retail.”
He had previously shared that greed is a “huge potential factor” but there is more than one path to “hyperbitcoinization.”
Alex Kruger points out that, “Unlike the prior bitcoin bubbles, on the last one *everyone* heard about it. Bitcoin is not a novelty any longer.” And it can be different next time around. For one, Rager says “It could have been a bubble” but then why would big players from the mainstream with the likes of Fidelity, NYSE and others be wasting their time with all these financial instruments.
For another, The Crypto Dog says, it didn’t pump because it was novel rather, “People only buy b/c it’s going up. You don’t have to hear about Bitcoin for the very first time to get FOMO. Start waving green monthly candles for a year or two and retail will be back.”
Rager says on the basis of historical data, it is a possibility that “Bitcoin could hit 5 digits levels again” and if the trend continues, “most ppl won’t be able to buy 1 entire BTC.” But the next high, according to Rager would take “longer with less volatility over time.”