Light at the end of the Tunnel?
The Crypto markets have been in free-fall, but is there light at the end of the tunnel?
Tom Lee of Fundstrat Global Advisors seems to think there could be.
In a research report put out at the end of the week by Fundstrat, the charts indicate that Bitcoin could be hitting $91k within the next couple of years.
Within the next 3 years to be precise.
Here is the chart put out by Fundstrat:
The prediction is based on previous price action.
The chart is based on a logarithmic scale as opposed to the traditional linear-based graph, which helps smooth some of the price action out.
Based on previous recoveries after large drops, Bitcoin would be trading around $91k by the end of 2020.
Keep in mind that Tom Lee is not explicitly calling for that price, but that is what their charts point to.
He has, however, called for $20k by the end of June and $25k at some point by December.
Does the name Tom Lee sound familiar?
If you recall Tom Lee is also the one that put out the BMI (Bitcoin Misery Index) a few days back which said that now is the time to buy Bitcoin based on how "miserable" bitcoin investors are.
Bitcoin is hitting levels on that index not seen since 2011.
More about that can be seen here:
Stay informed my friends.
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Thanks for sharing this post! I found it really fascinating. It was absolutely tough in past several days, and I guess it takes lots of guts to buy now.
Guts? Absolutely. Brains? Totally. If i had 20000$ To drop right now I would have 19500$ more crypto today. The other 500 for insurance and groceries.
i think it will fall a bit more, maybe to 5k, then it will jump back to 11k or maybe more... in some time those predicions can be true.
If BTC double bottoms and breaks that 7.2k support and the 6.4k support. You may just have that chance. lol
I'd be buying the dip right now...if I had the funds to ;)
Thats it. Im going all in. You challenged me. Im all in.
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Great find. Very much appreciate the interesting analysis. Like most people I am tired of this 3 month bear market. While this is a short time frame for a bear market in traditional financial markets the speed of this bear market is stressful.
I am sure some are making millions with this volatility. Unfortunately I have never been very good at trading, especially intra-day or intra-week.
I will continue to dollar cost average and look for attractive "bargains."
See you on the other side.
I for one hope so, cheers mike
It has taken a big fall . I haven’t been on for a few days and I was pretty shocked . June is not too far away, we need to see some big jumps before that
I think that we will be in this phase for longer than predicted. The US and other countries still have to figure out regulation. This will take until the Fall at least. And throughout that time there will be other conflicting news. I wish the focus was more on use cases than price because price is out of everyone's control and so much of a focus on it takes away from the actual industry.
My friends who are in the know are saying we will have this level of volatility for the next 2 years and we should both expect it and act accordingly. They say there will be several bloodbaths until then but for the market to get any traction with the wider community there will have to be a weeding out of the scammers, some common sense legislation enacted and much less volatility.
I guess we will have to wait and se. In the meantime everyone keep working toward your goals here on the platform because if we can build this community we will be at the heart of thee revolution. Steem on!
Isn't it going to reach 1 million by end of 2020? so sad (-:
thanks for the post, but I have a different point of view:
we don't need light at the end of the tunnel! we need a market getting mature enough to be able to measure and manage risks.
even Dow Jones with 7000 billions of dollar market cap and more than a century old, has falls and failures!
I believe having such corrections mean the market is getting mature and responds to technical indicators. I just had a completely technical analysis on BTC and STEEM couple of days ago (you can see posts on my page)
ofcourse these are my personal opinion!! I appreciate and respect others' :)
History does not dictate the future. This correction could last a lot longer. Be aware.
This is very good as the prices have been dropping like flies. So back to the 20s soon.
The bitcoin is falling, I think it will recover, it has a lot of potential, the government wants taxes and it seems that they will get it.
We have to be informed and have a lot of patience.
Happy day.
Mild regularions won’t be bad. It will reach mainstream media and is free advertising! Besides this much more people will have more trust in the cryptocurrency, which will attack more fresh needed fiat money!
Good attitude to have and if regulations do come to pass look for Ripple(XRP) to be one step ahead of the game. The one currency already geared towards minding the current financial market status quo.