Did we hit the bottom? Will John Mcafee have to eat his dick in 2020 if one Bitcoin is trading for under $1 M? Those type of questions are all around the crypo universe right now. New impressive database, statistics and graphs on Bitcoin, showed up that helps to visualize short-term and long-term trends. They include the cost of mining Bitcoins, hourly, daily and monthly trading trends and technical analysis. The new chart is created by Tom Lee, Fundstrat Global Advisors’ Head of Research, and he thinks the price for one Bitcoin could rise to $91,000 by March 2020. I will be sorry for you loss, Mcafee.
Lee also introduced the Bitcoin Misery Index, or BMI, just over a week ago that is at the second lowest point of the past 8 years. Here you can read my article about the Bitcoin Misery Index.
Lee and his team have produced the new graph that shows Bitcoin’s four declines of 70% or greater since 2010 . Lee compared the 70% decline to that of mid-2013, a retreat that was followed by a 700-plus day rally of more than 55,000%
If the patterns remain the same, it puts the price of bitcoin at $91,000 by 2020.
Keep in mind that the risk here is pretty high.
Just because a trend has occurred in the past does not mean it will happen in the future. Cryptocurrencies are very volatile. Speculative and fake news impact their prize on daily bases. However, in opinion, Bitcoin is here to stay and nothing can stop it.
Bitcoin fell 10% on Wednesday, marking its eighth consecutive losing day out of the last 10. As Fundstrat sees it, the end of March can’t come soon enough.
“March is typically the worst month for bitcoin, rising 1 of last 7 years,” they wrote in sharing the following chart.
My observation shows that usually around April 10 new bull rally starts. Let's see what this time will happen. Bitcoin is passion of mine and will keep posting articles considering its' prize and development.
Do you want to keep in touch? Every vote, comment and resteem is well appreciated.
Till next time,
Ivan
@Originalworks
BTC is promising in the long run. No doubt about it !