Bitcoin – from zero in 2008 (as per reports) to $19,000 in 2017 and dragged down to $3700 at press time today, the journey of the world’s largest cryptocurrency is still struggling to reach to analyst’s expectancy. However, the traders and analysts are continuously on their urge to find the next big move and the potential signs. One such trader posted his view on the potential upcoming run of Bitcoin and says that it will more likely hit anywhere in $102,000 – $336,000 during the next bull run.
Particularly, a Twitter user named ‘@TraderScarface’ posted his technical analysis on Bitcoin with few bold pitches on Bitcoin made in the past. By adding;
- ‘So, that’s the end of Bitcoin Then (a state from Forbes in 2011 when BTC worth $15.15),
- Game Over Bitcoin (a Statement from Business insider in 2013 when Bitcoin was valued $110.68),
- Bitcoin Will Not Survive (Statement of Jamie Dimon when Bitcoin was trading at $395 in 2015)
- and Is Bitcoin Going to Zero (when Bitcoin hit $3432 in 2018)
With his quite deep analysis, he says ‘Buy Bitcoin’ because if the trend follows in a similar pattern, BTC will have huge value. His view goes as follows;
Each time Bitcoin has crashed 70%+ the following cycle peak has been 5.1-16.89 times higher than the previous.
If that happens again then the next all time high will be roughly $102,000 – $336,000.
Roll the dice & take the risk – Buy Bitcoin.
— $carface (@TraderScarface) March 2, 2019
So to note, at press time, the value of Bitcoin is declined with 2.38 percent over the past 24 hours, valuing it $3770.02 on the first day of the week. However, as per the data from Coinmarketcap, the average trading value of Bitcoin counts $66,239,788,769 as on March 04, 2019.
Neglecting the past sentiments, opinion or declaration that analysts said or media added, Bitcoin would hit anywhere around $102,000 and $336,000 if it follows the pattern again. As per the trader, these patterns that show every significant price crash of more than 70% would result the next value of BTC will be in around 5.1 to 16. 89 times higher than what previously it had peaked out.
Let’s look out the possibility of how Bitcoin would move during the next bull run – its likely interesting to eye on the significant price figure trader analyzed for BTC to be in near future. Do you think BTC would reach the predictions? Share your opinion with us