Where will the bitcoin price bottom be and why will it go up to $250,000?
Bitcoin and gold will stand in case the stock market falls
10T Holdings and Gold Bullion International co-founder Dan Tapiero thinks.
According to him, the stock market is in for a strong correction since the optimism of individual investors regarding S&P 500 index is at its record high.
“Unfortunately, most worrying data point have seen in a while for #StockMarket from short term perspective. Certainly an extreme of epic proportions hit on this indicator. Does not seem to be something that can be corrected in just a few days”, he said.
The businessman thinks that gold and bitcoin “must hold their positions” according to this scenario.
Opinion: the BTC rate will not go lower than $9,700
Amsterdan stock exchange analyst Michaël van de Poppe thinks that the bitcoin price is going to turn back on above the point of $9,700.
He says that the price should go up to $10,800 and then go down to its new local lows within the zone of $9,700–9,800. It will stay within this zone untill the end of the month and then it will go above $11,000. To regain the growth, the price should get stable above a very important point of $11,170.
The analyst adds that, however, in case the price tests the level of $9,700 real quick, the BTC price may start to strengthen already at the middle of the month.
Why bitcoin is going to get as high as $250,000
Popular analyst filbfilb explained. He drew Fibonacci circles through the highs and lows of the two previous growth/fall bitcoin price cycles.
It turned out that the high of the next rally coincided with the circle with the period of 3,618. For instance, the pattern built according to the 2013–2015 year cycle showed a high at about $17,900. The actual high of 2017 was at the point of $19,700. Judging from the new patterns, the next rate high will be around the level of $243,000.
Analyst GravityWave notes that the new high is also near the area of $250,000. He put Fibonacci levels through cycle lows and highs — the point of 2,382 showed the high of the next bubble.