Analyst Who Perfectly Called Bitcoin Price Sees Bright Future Ahead

Analyst Who Perfectly Called Bitcoin Price Sees Bright Future Ahead
фото показано с : bitcoinist.com

2019-12-5 19:57

Cane Island Analyst Timothy Peterson maybe one of the only analysts to have accurately predicted the end of year bitcoin price . His analysis back in March this year, stated that the leading cryptoasset would price in at $7,800 by the end of December. If bitcoin continues to track as Peterson’s predicts,  BTC should close above it’s all-time high by the end of 2021.

Climbing Higher At a Slower Pace

In December 2019, the market price of BTC will hover near $7,800, predicted analyst Timothy Peterson. He was close enough in his range of predictions, as BTC trades at $7,513.32, after an unexpected spike on Wednesday.

From March 7: #bitcoin +/-7800 in December 2019 https://t.co/bNq9C8ZsYa

— Timothy Peterson (@nsquaredcrypto) December 4, 2019

Bitcoin price started the month at around $7,300, with spikes to $7,400 and drops closer to $7,000. But the long-term prediction for the coin remains bullish, with the hope of $1 million prices still envisioned by Peterson and a number of other predictive models. Some of the BTC long-term predictions still invite criticism, as price volatility, washed trading volumes and derivative market pressure creates uncertainty.

BTC is constantly rediscovering its price through new mechanisms, including spot and futures markets. The Peterson prediction may just be a “stopped clock” moment, which matches the current rate of bitcoin.

But Bitcoin price is also capable of following models and predictions based on a self-fulfilling prophecy. Peterson believes BTC prices follow Metcalfe’s law of time and growth, also potentially reaching a much higher valuation.

The model proposed has excluded the biggest BTC rallies, as Peterson believes those were caused by manipulation on specific exchanges. A curve based on days traded, and the price moves within the normal low-volatility range, sees bitcoin price making a gradual, rather than parabolic, trek to higher prices.

If true, bitcoin price is yet to revisit $10,000, while also going through anomalies with higher volatility. So far, most BTC models are true in hindsight, but prices remain unpredictable. There are repeating observations, however, in that BTC makes its gains in a relatively short time span, then either remains stagnant or slides.

Bitcoin Price Remains Volatile Short-Term

Once again, the hike to $7,400-$7,500 made BTC avoid an immediate bearish scenario. But bitcoin price also face short-term fluctuations, with the potential of returning to a lower range.

Scenario 1: $BTC should bounce back to test 7250-7300, then dump lower.
Scenario 2: Dump lower and bounce above 6900 – this is bullish scenario.
Scenario 3: Monster dump to 6500 and 6300 – our long term short target.#BTC #Bitcoin #Blockchain #Crypto #Cryptocurrency pic.twitter.com/ATRpt2gajH

— Zen (@Philosof80) December 4, 2019

Bitcoin price fluctuations are also happening on gradually declining volumes of around $18 billion in 24 hours. Lowered volumes may also lead to short-term volatility.

What do you think of Timothy Peterson’s Bitcoin price predictions? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @nsquaredcrypto @philosof80

The post Analyst Who Perfectly Called Bitcoin Price Sees Bright Future Ahead appeared first on Bitcoinist.com.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67706.61 (+0.20%)
Объем 24H $41.64b
Изменеия 24h: -2.34 %, 7d: 3.82 %
Cегодня L: $67305.82 - H: $67974.72
Капитализация $1333.976b Rank 1
Цена в час новости $ 7530.54 (799.09%)

price year analyst bitcoin back analysis march

Источник: bitcoinist.com

price year → Результатов: 126


Ripple Price Analysis - Transactions active addresses flag

Fundamentals show decreasing transactions with decreasing active addresses over the past year, despite the numerous RippleNet partnerships and announcements. It remains difficult or impossible to determine if institutional or remittance use cases are reflected in the current on-chain metrics, or if these metrics are fueled purely by speculative demand.

2019-12-4 14:01


Litecoin Price Prediction 2019 & 2020 – Future Forecast For LTC Price

In this price prediction, we will put out our own and market’s opinion (both from popular algorithms and experts) on Litecoin future while discussing Litecoin price forecast for 2019 and beyond. Since this year is almost done, Litecoin price prediction 2020 is way more interesting, so we made sure to include that section as well, […]The post Litecoin Price Prediction 2019 & 2020 – Future Forecast For LTC Price appeared first on CaptainAltcoin.

2019-11-22 17:34


Dogecoin Price Prediction 2020|2025|2030: Future Forecast for DOGE

In this forecast, we will put out our own and market’s opinion (both from popular algorithms and experts) on Dogecoin future while discussing Dogecoin price forecast for 2019 and beyond. Since this year is almost done, Dogecoin price prediction 2020 is way more interesting, so we made sure to include that section as well, just […]The post Dogecoin Price Prediction 2020|2025|2030: Future Forecast for DOGE appeared first on CaptainAltcoin.

2019-11-22 17:14


Ethereum Price Prediction 2019 & 2020 – Future Forecast For ETH Price

In this post, we will present our own and market’s opinion (both from popular algorithms and experts) on Ethereum future while discussing Ethereum price forecast for 2019 and beyond. Since this year is almost up, Ethereum price prediction 2020 is way more interesting, so we made sure to include that section as well, just make […]The post Ethereum Price Prediction 2019 & 2020 – Future Forecast For ETH Price appeared first on CaptainAltcoin.

2019-11-21 02:23


Фото:

Stack Sats Now: Bitcoin Block Rewards Will Be Just 1 Satoshi By 2140

With Bitcoin halving 2020 approaching, many are looking towards the future trying to predict what mining might be like in 100 years from now. What we do know is that miners will receive just 1 satoshi per block reward for the last bitcoin mined, but how much could that be worth by then? Every Satoshi Counts Bitcoin mining started gaining in popularity again this year, after Bitcoin price triumphantly returned above the psychological $10K level.

2019-11-18 16:11


Crypto Analytics Firm Says “Deciding Moment” for Bitcoin Price as BTC/USD Hovers Around $8,500

As per the weekly on-chain market observations made by blockchain analytics firm Glassnode, as the market moves sideways, this is a “deciding movement” for the Bitcoin price. 2019 is coming to an end and the leading cryptocurrency is well on its way to make a good end of the year. Starting at around $3,700, we […]

2019-11-16 19:12


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Argentine State-Owned Company Will Mine Bitcoin With Stranded Gas

Genesis Digital Assets Limited (GDA), a leading force in the global Bitcoin mining sector, has partnered with YPF Luz, a subsidiary of Argentina’s state-owned energy company YPF. Together, both partners have established a new Bitcoin mining facility that capitalizes on an innovative energy resource: stranded gas from oil fields.

Is Bitcoin Mining ‘Dangerously Centralised’? What New Research Shows

Recent findings from BitMEX Research have reignited concerns about the centralization of Bitcoin mining. Their study, which cites insights from Bitcoin analyst Alex Bergeron, points out that a single entity now controls the Coinbase outputs for approximately 47% of the network hashrate—a significant concentration that suggests a shift toward oligopolistic tendencies within the Bitcoin mining […]

Bitcoin Core Version 27.0 Rolls Out: What’s New And Improved?

Bitcoin Core has officially launched version 27. 0, incorporating an array of enhancements and updates designed to bolster the functionality and security of the Bitcoin network. The update, which can be downloaded from the Bitcoin Core website and GitHub, includes notable changes in network protocols, security measures, and wallet operations.

Bitcoin Stuck Below $66,000: Are ETF Outflows Beyond Grayscale An Issue?

On Tuesday, the crypto market was off guard when Cathie Wood’s ARK 21Shares spot Bitcoin ETF (ARKB) experienced a significant outflow. This marked the first time since the introduction of spot Bitcoin ETFs in the United States that one of the “Newborn Nine” surpassed the outflows of Grayscale’s Bitcoin Trust (GBTC).

Bitcoin Crash Triggered By Failed $1 Billion Hedge Fund Spread Trade: Expert

The Bitcoin price has crashed from over $72,000 yesterday to as low as $65,500. As reported earlier today, there are several obvious reasons for this, such as the liquidation of extensive long positions on the red-hot futures market, expectations of a “higher for longer” policy by the US Federal Reserve as a result of hotter than expected inflation data and a relatively weak inflow day for the spot ETFs yesterday.

Bitcoin Price Forms Inverse Head And Shoulders Pattern, Eyes $76,000

Just below the all-time high of $69,000, the Bitcoin price has shown more volatility in recent days, only to now tread water around $67,000. But this boredom could soon be over. Following the recent price movements, a notable pattern has emerged on the Bitcoin (BTC) price chart, as recognized by the seasoned crypto analyst Josh Olszewicz.

Bitcoin Price Nears All-Time High: 5 Key Factors Behind The Surge

In a remarkable display of bullish momentum, the Bitcoin (BTC) price has surged, nearly touching its all-time high of $69,044 set in November 2021. The cryptocurrency’s value climbed to an impressive $68,848 before facing a 5% correction, subsequently dropping to $64,200.