Crypto is in a bear market and Bitcoin continues to hover near $30,000 as bulls battle bears amid broader market weakness.
At the time of writing, BTC/USD pair is down 1.4% in the past 24 hours. Over the past week, Bitcoin’s price is down just over 13% according to data from CoinGecko.
Here are three price predictions for BTC- from three different ‘types’ of analysts. Remember, it’s not financial advice.
Peter Schiff is a veteran investor, economist and global strategist. He also happens to be a long-term crypto skeptic. As markets bleed, he believes there’s more pain ahead for Bitcoin.
According to him, Bitcoin’s break below crucial support levels and the chart paints an ominous outlook for the flagship cryptocurrency.
In a clearly skeptical tone, he asks:
How can anyone who looks at this chart stay long #Bitcoin? Now that the upper support line has been broken, a move to the lower support line is a high probability. The chart has both double top and head and shoulders top patterns. The combination is ominous. It’s a long way down!
Schiff has previously said, long term, Bitcoin could go to zero.
Bottom not yet, but BTC is bullish
Analysts at macro hedge fund Dunia Digital say the Bitcoin price will rebound higher. According to them, the market is at that point in the halving cycle where it’s approaching a bottom.
The hint? The last three halving cycles have all predicted (perfectly) when the bull market happens.
Each halving has marked the onset of a multi-month exponential rise in the price of Bitcoin, accurate to within a handful of weeks.
Going by this, Bitcoin is yet to bottom out and when it does (likely to be in December 22), a new multi-month rally will follow. Being long BTC is thus what Dunia Digital is looking at.
A possible bullish breakout
Last week, Bitcoin fell to lows of $26,800, breaking below a crucial support line at $28,000. But with a swift bounce above $30k, some market observers are saying the market is showing resilience likely to help BTC pitch some more upside.
Pseudonymous crypto analyst MMCrypto says BTC is showing a potential ‘W breakout’. His short-term projection puts the breakout target at $33,800, with a “less conservative” option of $36,800 if there’s a head and shoulder pattern upside break.
Bitcoin has traded lower since hitting the all-time peak of $69,000. Recently, it has recoiled from highs near $49k and again around $38k.
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