The Crypto markets have been in free-fall, but is there light at the end of the tunnel?
Tom Lee of Fundstrat Global Advisors seems to think there could be.
In a research report put out at the end of the week by Fundstrat, the charts indicate that Bitcoin could be hitting $91k within the next couple of years.
Within the next 3 years to be precise.
Here is the chart put out by Fundstrat:
The prediction is based on previous price action.
The chart is based on a logarithmic scale as opposed to the traditional linear-based graph, which helps smooth some of the price action out.
Based on previous recoveries after large drops, Bitcoin would be trading around $91k by the end of 2020.
Keep in mind that Tom Lee is not explicitly calling for that price, but that is what their charts point to.
He has, however, called for $20k by the end of June and $25k at some point by December.
Does the name Tom Lee sound familiar?
If you recall Tom Lee is also the one that put out the BMI (Bitcoin Misery Index) a few days back which said that now is the time to buy Bitcoin based on how "miserable" bitcoin investors are.
Bitcoin is hitting levels on that index not seen since 2011.
More about that can be seen here:
Stay informed my friends.
Follow me: @jrcornel
Thanks for sharing this post! I found it really fascinating. It was absolutely tough in past several days, and I guess it takes lots of guts to buy now.
Guts? Absolutely. Brains? Totally. If i had 20000$ To drop right now I would have 19500$ more crypto today. The other 500 for insurance and groceries.
i think it will fall a bit more, maybe to 5k, then it will jump back to 11k or maybe more... in some time those predicions can be true.
If BTC double bottoms and breaks that 7.2k support and the 6.4k support. You may just have that chance. lol
I'd be buying the dip right now...if I had the funds to ;)
Thats it. Im going all in. You challenged me. Im all in.
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Great find. Very much appreciate the interesting analysis. Like most people I am tired of this 3 month bear market. While this is a short time frame for a bear market in traditional financial markets the speed of this bear market is stressful.
I am sure some are making millions with this volatility. Unfortunately I have never been very good at trading, especially intra-day or intra-week.
I will continue to dollar cost average and look for attractive "bargains."
See you on the other side.
I for one hope so, cheers mike
It has taken a big fall . I haven’t been on for a few days and I was pretty shocked . June is not too far away, we need to see some big jumps before that
I think that we will be in this phase for longer than predicted. The US and other countries still have to figure out regulation. This will take until the Fall at least. And throughout that time there will be other conflicting news. I wish the focus was more on use cases than price because price is out of everyone's control and so much of a focus on it takes away from the actual industry.
My friends who are in the know are saying we will have this level of volatility for the next 2 years and we should both expect it and act accordingly. They say there will be several bloodbaths until then but for the market to get any traction with the wider community there will have to be a weeding out of the scammers, some common sense legislation enacted and much less volatility.
I guess we will have to wait and se. In the meantime everyone keep working toward your goals here on the platform because if we can build this community we will be at the heart of thee revolution. Steem on!
Isn't it going to reach 1 million by end of 2020? so sad (-:
thanks for the post, but I have a different point of view:
we don't need light at the end of the tunnel! we need a market getting mature enough to be able to measure and manage risks.
even Dow Jones with 7000 billions of dollar market cap and more than a century old, has falls and failures!
I believe having such corrections mean the market is getting mature and responds to technical indicators. I just had a completely technical analysis on BTC and STEEM couple of days ago (you can see posts on my page)
ofcourse these are my personal opinion!! I appreciate and respect others' :)
History does not dictate the future. This correction could last a lot longer. Be aware.
This is very good as the prices have been dropping like flies. So back to the 20s soon.
The bitcoin is falling, I think it will recover, it has a lot of potential, the government wants taxes and it seems that they will get it.
We have to be informed and have a lot of patience.
Happy day.
Mild regularions won’t be bad. It will reach mainstream media and is free advertising! Besides this much more people will have more trust in the cryptocurrency, which will attack more fresh needed fiat money!
Good attitude to have and if regulations do come to pass look for Ripple(XRP) to be one step ahead of the game. The one currency already geared towards minding the current financial market status quo.
I am sure that crypto currency will very quickly fall onto 'ordinary' people's radar thanks to Steem and Manna, the latter of which aims at creating a Universal Basic Income freely distributed to all those registered. Since there is no additional requirement than that of being registered on their page I guess that this project will really skyrocket.
No matter how deep crypto market falls now it will most probably be merely leading to an even stronger market thereafter...:)
I just noticed you just ran this same story I did at Research Predicts $91,000 By March 2020 for Bitcoin I will add a link to your relative BMI article on my article. Nice to meet you. All the best
Great minds think alike?! :)
My thoughts precisely ;-)
thank you sharing post.
Guess we will see pretty soon enough!!!
Yes we will. I also think there is a lot of tax related selling going on here in the US. Need to get past tax day before we see a real recovery in my opinion.
And the G20 conference also....line of action regarding money laundering...
I don't know, guys..First it was the Chinese new year we were waiting for, now the US tax day..I hope you are correct, of course, but am afraid the correction could take longer.
this will keep me going
if this graph is true, John McAfee is still gonna have to eat his own dick. It's a sad day for McAfee.
Up and down like a heart beat.
When it does 7 days of uptrend with a climb of more than 10% from the low point, it might be in an uptrend.
Until then it's in a downtrend...
A lot of the desperate investor has no idea how investments work. Similar things happen to the stock market and all small investor jump out of the boat. People don’t realize that they only loose when they liquidate.
Maybe ways going on right now is just to maintain the supply and demand curve.
Why dont you mark to market. That gives you an honest assessment, every day, of what you have lost or gained. Pretending you dont have a loss doesnt make it true. Just like pretending you dont owe taxes by not calculating taxes due, means you dont owe taxes.
Hi @davebrewer, it is not pretending. In order to have a gain or loss, you need to execute, sell it or buy it, long or short.
If you don’t execute for a loss you did not loose, the prices can go back up.
You only pay taxes, in the amount you make. How can you pay taxes for something you did not gain?
I wouldn’t go as far as to say free fall. The correction down still lines up with the organic upward arch pre winter bubble. This is the calm before the storm. @jrcornel ! Love your blogs. Not arguing any of your points! In fact I 100% agree! Just got fixated on the way you worded that beginning statement.
Haha no worries, perhaps you are right and it was little over-exaggerated. Sometimes I go for dramatic effect. ;)
That’s probably why I enjoy your blogs. Creative flare and all that :) haha
Great information in this post, I sure hope the market gets new all-time highs some time this year.
I would be happy if he was even half right!
Well, you don't have to be an expert to know that Bitcoin price is going through the roof within the next few years...
The profits from Bitcoin deserve to be stopped so much to see the credibility
Hey @jrcornel this will surely help all Crypto fans on this platform .
Yea i believe it could reach that potential judging how the wave is going right now. More people are gonna jump on it as the news spreads.
Mmh, while I do recognize TA as an important tool, I do feel that the market is driven by sentiment!
Tomorrow (or the next few days) will be importnt due to theG20 top.
I wouldn’t mind if we start the race to the moon from the 25th on. First I would like to invest some more after the pay chexk has arrived!
Muy buen articulo, me estoy iniciando en el mundo de las criptomonedas y este tipo de publicaciones son excelentes aportes para tomar buenas decisiones.
Will is good @jrcornel
I like your posts. Great easy way to access critical and insightful information that is relevant to my investing decisions.
Luv ya man. Keep it up !!!
It is not pretending.
For you to have a loss don’t you need to liquidate? Isn’t the same thing for taxes? Don’t you need capital gains or loss to calculate your taxes?
If you sell on the low, of course you will have a loss.
Nobody wants to loose.
Hey!
I like your post, I will follow !
Useful information about the day opening price, For all current and future readers.
Today's date 18/03/2018:
Bitcoin: 8011$
Ethereum: 564$
Ripple: 0,65$
Bitcoin Cash: 970$
Litecoin: 154$
NEO: 69$
Cardano: 0,15$
Stellar: 0,21$
MIOTA: 1,14 $
EOS: 4,71 $
Have a good day everyone!