What Are The Most Insane Bitcoin Forecasts After We Broke $11,000?
By Coinediction.com on ALTCOIN MAGAZINE
Bitcoin price blasts through the psychological number $10,000 and surges past $11,000 after Facebook’s Libra plan unveiled. Most analysts ascribe the recent rally that sent Bitcoin to a 15-month high due to the Facebook cryptocurrency project. The world’s largest cryptocurrency gained more than 190% since the beginning of the year.
This euphoric rally encouraged many analysts to go wild with their forecasts. We have done all the research for you and found the most insane Bitcoin predictions. To keep things balanced and fair, we have decided to analyze the most optimistic scenario and the most pessimistic forecast.
In his latest forecast, shared with his followers BigChonis, is sending a warning signal that we’re not out of the bear market. However, on the other hand, crypto fanatic Rabo sees Bitcoin going to the moon.
Moving forward, we’re going to get into the heads of the two respected crypto analysts @BigChonis and @Faezon to see what makes their predictions so out of the ordinary.
BigChonis — 2014 Fractal Map To Send Bitcoin To New Lows
Crypto enthusiast BigChonis believes the bear market is not over and he told his followers to expect Bitcoin to make a new low below $3,000. This crypto trader is an advocate of fractal analysis thus he is expecting a little bit of history to repeat again. In his research note, he draws a comparison between the current bullish market and the 2014 rally.
The price action similarities between what happened five years ago and now are striking. If we overlay the top reached at the end of 2013 with the current all-time high we get an incomplete sequence. If we want the current price action to resemble the 2014 three wave correction, we need one more low below the 2019 low.
BigChonis also outlines a timeline for his prediction, which points out that the bear market will find a resolution by the end of 2019 and heading into an uptrend in 2020. The current rally is part of the second wave and it should end between 38.2% and 50% Fibonacci retracement.
Looking over through his last 5 Bitcoin forecast we can note that 3 of them were good while only 2 predictions were wrong.
Our next trader is very optimistic about the future price of Bitcoin, but let’s examines what technical tools he used to reach his conclusions.
Rabo — Bitcoin Going To The Moon
Meanwhile, the prominent crypto analyst known to the TradingView community as Rabo is expecting Bitcoin to go to the moon and beyond. According to his analysis, BTCUSD should rise 250% and reach a new all-time high. If this forecast is fruitful, Bitcoin should reach a target of $32,000.
Rabo only employs simple technical tools like support and resistance and Fibonacci levels. He doesn’t go into much detail or gives a timeline for his prediction. Rabo only mentions that his forecast stands true as long as we trade above the big psychological number $10,000.
Looking over his past forecasts, crypto trader Rabo has a decent performance in managing to correctly predict the action in the crypto space.
Thank you for reading!
