Analysis Editor's Picks

No one will be surprised if the price of BTC drops to $ 1,800, said an analyst

"The Crypto Dog" (@TheCryptoDog), a well-known crypto trader and market commentator, recently noted that the price of $ 1,800 for Bitcoin (BTC) "will not be surprising."

Although Crypto Dog admitted that he was not 100% sure that the price of bitcoin would fall so low, he said that it would not bother him if the value of cryptocurrency continued to decline. An experienced crypto trader also predicted that the price of air (ETH) could fall to about $ 50.

Predicting the “absolute maximum” at $ 6,200

Crypto Dog recommended that its subscribers stick to a low-risk strategy and pay more attention to trade education. He also shared his older forecast, which he published in December 2018. It noted that Bitcoin can be "in [its] final stages of the [current] bear market." At that time, he predicted that the price of BTC could reach an "absolute minimum of $ 1,800" and an "absolute maximum of $ 6,200."

Crypto Dog also mentioned last year that it is “more likely” that bitcoin will trade in a price range of $ 3,000 to $ 5,400 “for a significant period of time.” In his mini-storm of tweets from December 20, 2018, an experienced trader argued that current market conditions "provide an incredible opportunity to start averaging over a position."

Entry into positions at this time can pay off during the “next [crypto] bull cycle”, however “there is currently no rush to buy in the market”. Continuing to recommend that this is “a great time to start accumulating bitcoins” (which crypt bull Anthony Pompiano has also said), an experienced analyst still believes that we should consider bitcoin as a “long-term investment”.

Bitcoin's low market capitalization means no correlation with traditional markets.
According to Crypto Dog, the period between “mid-2019 and 2020” should be a “fundamental catalyst”, as he expects Bakkt, Fidelity's digital asset platform and Bitcoin Exchange Foundation (ETF) VanEck, to be fully up and running by then. Asked by John Todaro, TradeBlock's director of research, about the potential "delayed bullish momentum" for bitcoins due to the current stock market crash, Crypto Dog noted:

This is always a concern when everyone clings to cash and the risk appetite is almost spoiled, but for me it would be much more alarming if the bitcoin market capitalization was greater.

Acknowledging that he does not fully agree with the view that “Bitcoin is a safe asset”, the veteran trader said that Bitcoin exhibits characteristics that are similar to “goods” and “cash” rather than stocks. He added that “we will all see how this narrative unfolds together,” implying that no one can predict exactly how cryptocurrency or other asset classes will work in the future.

Related posts

A BitCoin User Loses All His BTC Savings to a Scam

Guest Author

Crypto Hacks in Q1 2023 Were Much Lower Than in 2022, According to TRM Labs


Russian Blockchain Based Voting Platform Goes under Hours after launch