2019-2-15 20:06 |
Crypto Analyst: Below $2k Bottom, Exciting Time For Bitcoin Long-Term Investors Looking To Enter
The leading cryptocurrency Bitcoin is currently at $3,626 while registering greens of 0.21 percent, at the time of writing, as per the data provided by Coinmarketcap while managing the daily trading volume of nearly $6 billion. In the past 7-days, the Bitcoin price has been trading between the range of $3,695 ad $3,610.
Bitcoin price 7-days chart, Source: Coinmarketcap
Recently, crypto analyst, Willy Woo shared a series of charts of various “Bitcoin valuation metrics” while stating that it is an “exciting time” for long terms investors to make an entry into Bitcoin market.
“RV says it's an exciting time for long term investors looking to enter… on average investors are underwater, and we can see BTC is not underwater very often. Note RV is inaccurate in the early years due to missing pre-Gox price data, this will be fixed in the next update.”
Woo further talks about ThermoCap that is the cumulative security spend by the network which tracks “the upper bounds of capital that have entered Bitcoin,” and no more than $11 billion has entered. It excludes buying from existing HODLers as it doesn’t “count as new inflows of capital since every buy is matched a sell by the exiting party.”
$90k Is The Minimum Bitcoin TopHe then goes on to the Average Cap which is the moving average of the market cap across the overall time range, “the “everything” moving average.” Here David Puell, Bitcoin and market analyst that collaborated with Woo in bringing these charts live produced “Delta Cap” that “catches all the “historical market bottom,” by subtracting Average Cap from Realised Cap.
“Delta Cap oscillates between Realised Cap and Average Cap, reliably touching at market tops and the start of the bull phase. Thus a helpful new timing signal of where we are in the market cycles.”
From here, Woo found the market top that is estimated to be $90k as a minimum but as he notes, it’s “very Experimental.”
Low $2k Is The Bottom For BitcoinThe experimentative top might be $90k but it won’t be coming without more pain as according to NVT caps, the valuation that is derived from a monetary velocity of investment, low $2k is where Bitcoin will find a bottom.
Woo says, the bands created “tend to converge at market bottoms,” that helps in estimating the “accumulation bottom price ahead of time.”
Though Bitcoin bottom could be seen around $2k in the first quarter of this year, some crypto analysts are also bullish in the short-term as the Cryptomist shared,
“Everyone keeps telling me $BTC is going to dump… I am leaning towards the opposite… Now within apex of pennant… If my lines are correct, breakout no later than tomorrow evening… Should this be correct, expecting 3.7k test once more.”
With Bitcoin price to hit bottom, it just might be the best and exciting time for long time investors to start accumulating as we recently reported that market analyst said this could be the last time one would be able to afford an entire BTC with experts calling out for a more bullish outbreak than previous $20,000.
Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 15th)
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