Crypto Analysts Take Bet: Will Bitcoin (BTC) Hit $1,500 Or $6,500 First?
Yet Another Bitcoin Bet
Earlier this week, it was reported that Financial Survivalism, an up-and-coming crypto analyst that has his roots in insurance, touted overt skepticism towards the current state of the Bitcoin price. He noted that the longer BTC fails to surmount a long-term declining trendline at ~$4,600, the higher likelihood that the cryptocurrency’s price could “mirror the price action from September 20th to November 25th of last year.”
Per the analyst, this would mean that BTC could trade flat for another two to three months, before plummeting dramatically to the $800 price point. This, of course, is a worst-case scenario, but Survivalism does allude to a good point about market cycles and behavioral economics.
Interestingly, this isn’t the first time that Survivalism has been overtly bearish. Per previous reports from Ethereum World News, the analyst argued that if BTC is following a Hyperwave trend, the asset could eventually revisit where it peaked in the 2014/2015 market cycle. Survivalism argues that this point is around $1,200. He was so confident that the flagship cryptocurrency would reach this point that he took a bet with Adaptive Capital, Murad Mahmudov
Funnily enough, Survivalism’s original bet seemed to have set a precedent for wagers over the BTC price. Leah Wald, a World Bank economist turned crypto trader, bet her peer Filb Filb 1 BTC that the cryptocurrency will trade below $1,500 before it hits $6,500.
The two accepted the bet, to the slight dismay of Wald’s friend and popular industry commentator Tone Vays.
For The Long Haul, Everyone’s Still Bullish on BTC
While a case is evidently being made for lower lows in the ongoing market cycle, all the analysts mentioned above seem to be sure that over the long haul, BTC will do just fine. In fact, despite their discrepancies in short-term forecasts, many are convinced that the cryptocurrency will garner proverbial boatloads of traction in the coming decade, especially as the U.S. dollar and traditional economies may begin to stutter.
Australian cryptocurrency researcher Willy Woo remarked that by many measures, fundamentals are stronger than ever. The popular analyst noted that eventually, Bitcoin will recover, just like the past, touching on the fact that institutions, mainstream media, and representatives of the traditional realm of finance bashing the cryptocurrency “is amazing.”
Filb Filb noted that if BTC follows the Internet’s growth cycle, and continues to take gain traction in the global finance ecosystem, it could realistically garner a valuation of $333,000 in a few years’ time.
For the long haul, Survivalism himself seems to be all but convinced that the U.S. economy and macroeconomy will begin to buckle under the weight of its debt and other fiscal shortcomings, potentially setting a stage for the creation of a Bitcoin standard or a system of similar caliber.
Title Image Courtesy of Andre Francois Mckenzie Via Unsplash