- Bitcoin is sidelined at $6,700 handle.
- Famous venture capitalist U-turns on his crypto forecast.
Bitcoin attempted an upside, but the momentum proved to be short-lived, as it was triggered mainly by technical and speculative positioning. Not backed by strong fundamentals, the movement faded away ahead of European hours. BTC/USD is changing hands at $6,700, which is 1/3% higher since this time on Sunday and mostly unchanged since the beginning of Monday.
While cryptocurrency enthusiasts and digital asset traders believe in an upcoming crypto revival, Anthony Pompliano, famous venture capitalist, founder, and partner, Morgan Creek Digital Assets thinks that Bitcoin price may crash to $3,000. This apocalyptical forecast marks a U-turn in opinion as earlier this year he said that the digital coin No one will cost $50,000.
“Parabolic increases in price continue to take longer “” each parabolic run is measured from the last all-time high to the new all-time high. The first rapid price appreciation took just over 300 days (2010-2011) and the second took over 900 days (2011-2013). The last parabolic price increase peaked at ~$20,000 (2013-2017) and took almost 1,500 days to complete,” he explained.
It means that we are unlikely to see the new high until 2023, according to Pompliano, who also estimated the duration of the bearish market in each cycle and extrapolated the results on the current cycle. Using the historical data, he calculated that the current bear market is likely to last for about 650 days, until Q3 2019.
The local support is created by SMA50 (1-hour chart) currently at $6,688, followed by $6,600 with SMA100 (1-hour chart) on approach. On the upside, the recovery has stuck at $6,700 with the next resistance registered at $6.729 (Asian high).
BTC/USD, 1-hour chart
Share
