[2018-11-29] Bitcoin Price Could Bottom as Early as December [But Definitely by

[cybersofts]

Bitcoin Price Could Bottom as Early as December [But Definitely by February]: Analyst



According to David Puell, a Bitcoin and market analyst, the dominant cryptocurrency could either reach its bottom by the end of December or within the first quarter of 2019.

The $4,300 region, which Bitcoin entered after enduring a 35 percent correction from around $6,600, has been established as a comfortable region for the asset. With resistances stacked up above the $4,300 mark, the analyst explained that a pullback from the current price could trigger exhaustion in the lower range.

Puell said:

    “Since volatility has dramatically increased, it is pertinent to have a granular view of current volume node structure. Resistances have piled up, so any pullback must be closely watched for any sign of exhaustion. The $4,300 area is the center of mass.”

Climax by December or February of 2019


Bitcoin Price (BTC/USD) | Bitstamp

Based on the steep decline in the price of Bitcoin over the past several months and the major resistance levels that have formed in the range of $4,000 to $6,000, a further drop below $4,000 could result in the market losing most of its momentum it recently gained.

A potential bottom target, according to Puell, is $2,800, which would signify an 85 percent drop from its all-time high price at $19,500.

But, Puell emphasized that a bottom can only be achieved by Bitcoin if the sell-off reaches its climax, bears lose leverage, and the market begins to show exhaustion.

Currently, the market is extremely volatile and is moving up and down by 10 to 20 percent on a daily basis. In the past 24 hours, Bitcoin surged by 12 percent while Stellar, another major cryptocurrency, spiked by nearly 15 percent.

“Weekly Gaussian bands (1) show a crucial confluence with the general $2,800 high value node zone (2). This gives a more detailed view of the nuances that come with that level in terms of potential swing and closing weekly price behavior. This general area is also supported by the 200-week MA and a good deal of buying positions (volume at time) back in Sept 2017,” said Puell, adding that the bear market could extend to 2019.

He explained:

    “Given the strength of the downtrend and current information, a selling climax may come as soon as December and as late as February.`”

Q1 2019
Willy Woo, the founder of Woobull.com, proposed a similar time frame for the end of the Bitcoin bear market. Earlier this month, Woo stated that the market is likely to reach its bottom by mid-2019, based on fundamental indicators like the transaction volume and user activity of major cryptocurrencies.

Analysts generally agree that to recover from the intense sell-off of November that resulted in the loss of nearly $80 billion from the cryptocurrency market, a months-long consolidation period will be needed, and major digital assets will have to demonstrate a relatively high level of stability in a lower price range.

Small market cap tokens have shown a promising upward price movement in the past 24 hours, with some including ICON rising by more than 30 percent. But, most assets are still down substantially since October.


Reference: https://www.ccn.com/bitcoin-price-could-bottom-as-early-as-december-but-definitely-by-february-analyst/

[Rustamm]

Forecasts are very disappointing. If by February of next year Bitcoin drops in price to $ 2,800 and pulls the entire cryptocurrency with it, there will be a great distrust of cryptocurrency. It is even difficult to imagine what period of time after that will be needed to restore the cryptocurrency market. It would be better if such a forecast did not come true.

[zarinalnr]

If large digital assets stand up to such a low price index, they will prove their viability, stability and stress resistance. I think that such shakes are still needed, this is a kind of natural selection, only the strongest will remain. For 2-3 years, Bitcoin will have a good price.

[veleten]

Forecasts are very disappointing. If by February of next year Bitcoin drops in price to $ 2,800 and pulls the entire cryptocurrency with it, there will be a great distrust of cryptocurrency. It is even difficult to imagine what period of time after that will be needed to restore the cryptocurrency market. It would be better if such a forecast did not come true.

do not trust any forecasts, it is proven to be a bad idea to
we can see the return to the 5000$ range with as much possibility as the price falling to 3000$
exhaustion rates description and graphs are just this particular analysts IMHO, it takes one big player to enter the marketto completely change the pricing,
with the speculators swinging the price 10+-% every day now it could even be some news that trigger a sell off
or a buy out, let the manipulators manipulate and speculators speculate , lets wait for January and see if his predictions hold any water

[hatshepsut93]

Forecasts are very disappointing. If by February of next year Bitcoin drops in price to $ 2,800 and pulls the entire cryptocurrency with it, there will be a great distrust of cryptocurrency. It is even difficult to imagine what period of time after that will be needed to restore the cryptocurrency market. It would be better if such a forecast did not come true.

Good, because cryptocurrency doesn't deserve trust. For years we've been only fed with promises that soon it will revolutionize the world, that everyone will be using it, that platforms like Ethereum will disrupt countless industries and so on. There was more than enough time to show at least some progress, but majority of the cryptocurrencies remains right where they have started in terms of their development. Maybe this bear market will return attention back to fundamentals and Bitcoin with a few decent coins will get back its market dominance.

[gentlemand]

January has always been a crappy month. I can't see that changing. What has changed is that November is traditionally a positive month no matter what the overall trend is and that's been pissed all over with last month's action.

I agree overall though that this downness is not over yet.

[Youghoor]

I think that we will see another drop, but that will be the final drop. Maybe we won't see $2800, but less than $3500 is highly possible.

I am optimistic, i want to buy as much as possible if there is another drop on the price, and i think that we all need to do the same to cut-off average.

Forecasts are very disappointing. If by February of next year Bitcoin drops in price to $ 2,800 and pulls the entire cryptocurrency with it, there will be a great distrust of cryptocurrency. It is even difficult to imagine what period of time after that will be needed to restore the cryptocurrency market. It would be better if such a forecast did not come true.

[pixie85]

A potential bottom target, according to Puell, is $2,800, which would signify an 85 percent drop from its all-time high price at $19,500.

How can we trust this, really?
His top is at 19,500, Bitstamp's top is at 19,666, Bitfinex's top is at 19,891. My question is, where is the bottom of this 85% correction? 2800? 2900? 2850? It all depends on what chart are you looking at. We don't even know if it will correct 85%. There's nothing significant in 85% that would make the price stop exactly at that point. We could as well go to 90 and 90 at Bitfinex would still be higher than 90 on Bitstamp

[1Referee]

How can we trust this, really?
His top is at 19,500, Bitstamp's top is at 19,666, Bitfinex's top is at 19,891. My question is, where is the bottom of this 85% correction? 2800? 2900? 2850? It all depends on what chart are you looking at. We don't even know if it will correct 85%. There's nothing significant in 85% that would make the price stop exactly at that point. We could as well go to 90 and 90 at Bitfinex would still be higher than 90 on Bitstamp

We can't trust any of this. People talk crap all day long about bottoms and the bear market to last possibly years, but they are just guessing at the end of the day.

In South Korea they were well past the western market and peaked somewhere between $23,000-$24,000 which people seem to discard completely. Most of the demand comes from the Asian market anyway, so we might very well be subject to their definition of what a bottom could be looking like.