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Home / Business / Bitcoin Price Watch: Currency falls a bit like former Bull Bull Scary Prediction

Bitcoin Price Watch: Currency falls a bit like former Bull Bull Scary Prediction



At the time of going to press, yesterday's crypto-dad has fallen by about $ 100 and is now trading for around $ 6,670

This is still an improvement over what Bitcoin has been in recent days. Typically, cryptocurrency within the region fluctuated and barely responded to the announcement that the Securities and Exchange Commission (SEC) had rejected a total of nine new Bitcoin ETFs. This was later followed by a $ 300 upturn, and many thought the cryptocurrency market was beginning to mature.

  BTCUSD: BTCUSD - Bullish still strong

But not everyone is convinced of Bitcoin's ability. According to Anthony Pompliano ̵

1; founder and partner of Morgan Creek Capital Management – Bitcoin can take another five years to reach new highs and initiate the bull rally that so many enthusiasts await. Pompliano had predicted Bitcoin would reach $ 50,000 by the end of the year. Now he seems to take a few steps back with his hypothesis.

He explains:

"Parabolic price increases take longer – every parabola run measures from the last all-time high to the last all-time high.The first fast price increase took just over 300 days (2010-2011) and the second took over 900 days (2011 – 2013) The last parabolic price hike peaked at ~ $ 20,000 (2013-2017) and lasted nearly 1,500 days. "

Pompliano's recent forecast is more in line with long-term trends in the Bitcoin price. While past behavior is never a solid indicator of what will happen in the future, the next price peak is expected to take up to 2,000 days to become reality. Morgan Creek Capital Management had predicted that Bitcoin would reach the $ 500,000 mark by 2024.

In related news, interest in Bitcoin continues to decline in the public eye. Finding terms like "Bitcoin", "Cryptocurrency" and "Bitcoin Price" is three times less than what they were last December, and the current bear market does not do much to encourage intrigue.

And still, there are a handful of bulls who think Bitcoin is meant for size – and very soon. For example, the cryptocurrency portfolio manager Jeet Singh recently commented at the World Economic Forum in Davos that Bitcoin investors' current volatility is completely normal and that the asset could reach $ 50,000 by the end of the year. Singh compared Bitcoin with it the shares of Microsoft and Apple. He explains that both stocks were initially quite volatile, and as companies continued to develop and consolidate their business models, they both rose considerably and quickly.

Bitcoin Charts by TradingView


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