Irrational. Bitcoin could fall to $800

[bbc.reporter]

The cryptospace appears to be beginning to spread bear market irrationality. According to this clickbait news, an up and coming analyst that hides behind its twitter account name Financial Survivalism, bitcoin could drop to $800 if it fails to surmount a declining trendline at $4600.

I reckon the people who controls that Twitter account should talk to the now rational Tom Lee for advice hehehe.

Also, this news might be a scam effort to gain more followers for that account which might also be controlled by newbtc.com. I might also be irrational in this, however hehehe.

In any case, who owns newsbtc?



Another day, another foreboding piece of analysis. A leading analyst claims that as Bitcoin (BTC) has yet to break out of its current range, there’s a growing potential that the cryptocurrency could fractal, and undergo a drop that looks much like that seen in November of yesteryear.

Financial Survivalism, an up-and-coming analyst centered around Bitcoin, recently took to Twitter to issue a harrowing comment. He noted that the longer than BTC fails to surmount a long-term declining trendline at ~$4,600, the higher likelihood that the cryptocurrency’s price could “mirror the price action from September 20th to November 25th of last year.

Per the analyst, this would mean that BTC could trade flat for another two to three months, before falling dramatically to the $800 price point. This, of course, is a worst-case scenario, but Survivalism does allude to a good point about market cycles and behavioral finance.

Read in full https://www.newsbtc.com/2019/03/03/bitcoin-collapse-800-late-2018s-plunge-mirrored-crypto-analyst/

[cellard]

Yeah all these ridiculous sub $1000 predictions are pilling up which makes me consider that we may have already bottomed. It seems to be popular these days, with guys like Tyler Jenks promoting his "hyperwave" thing. Reminds me of the 2014 days with people predicting sub $100 prices. When those news and videos start getting tons of clicks it's pointing at it now happening. All those guys waiting for sub $100 prices fucked up and missed the boat, they were the ones FOMOing back in to not miss the rocket.

I was myself expecting sub $3000 prices for a final bottom but all those sub $1000 guys point at a really close bottom, to the point that it's becoming an insane gamble to just not buy in already. What does it matter if you get in at $3000 or $1000 when we are going to $100k anyway.

[jseverson]

One of the responding tweets sum up exactly what I feel about this:

You decreased by the same amount not a proportional amount. This isn't a mirrored price action.

I don't think $800 could be ruled out considering the market's unpredictability, but I don't think there has been any indication that such a hefty drop would be likely. He probably just wanted to grab some attention, which he was able to do.

[adaseb]

These $800 predictions are just as crazy as the people predicting $50K or $100K or $1,000,000 bitcoin.

I looked at the chart posted, sure it "could" happen but so could hundreds of other scenarios. Basically TA is at best maybe correct 50% of the time under certain scenarios such as strong bullish or bear market trends. Usually when you are looking at a chart in that scale, its very difficult to predict what will happen.

If they are so certain it will hit $800, then they should just go short 100x and make millions of dollars in doing so and cover their short at the $800 mark and go long.

[elda34b]

Seems like bear market really hurt a lot of people. I've been looking at some serious or probably hyper negative scenario when somebody even predict Bitcoin could reach $100 this year. It's quite fun to read actually, not saying I believe their theories because 19:20 prediction is always wrong. I don't know why people keep posting stuff like this, unless they want to cause panic so more people will sell while they can buy cheap.

[Herbert2020]

that is not called "bear market irrationality", that my friend is a clear case of FUD from people who want to either short bitcoin right now or have some open low bid orders that they are getting desperate to fill. drawing some meaningless lines on a chart doesn't make it any better either. unfortunately they benefit from the fact that most people don't even know what TA is and when they see lines on a chart think that is it

besides this is 2015 all over again. back then people were calling for $50 and lower. we even had our very own duck who only sang the doomsday song for bitcoin.

[davis196]

800 USD bitcoin price is absolutely possible.We are in the hands of the crypto whales and the HODLers.
If they decide to sell,the price goes unser 1K USD for sure(which isn't always bad).Even if the price falls to 800 USD,I still believe that it can reach a new ATH somewhere around 2021.

[jseverson]

that is not called "bear market irrationality", that my friend is a clear case of FUD from people who want to either short bitcoin right now or have some open low bid orders that they are getting desperate to fill. drawing some meaningless lines on a chart doesn't make it any better either. unfortunately they benefit from the fact that most people don't even know what TA is and when they see lines on a chart think that is it

Could be, but the account has like 2k followers lmao. I find it more likely that he just wants more attention towards himself. Looks like he achieved it too, though I have no idea why crypto news outlets would want to pick up predictions from a basically unkown entity. Must be a slow news day just like it has been for the past couple of months lol.

[bitcoinisbest]

800 USD bitcoin price is absolutely possible.We are in the hands of the crypto whales and the HODLers.
If they decide to sell,the price goes unser 1K USD for sure(which isn't always bad).Even if the price falls to 800 USD,I still believe that it can reach a new ATH somewhere around 2021.

For 800$ all whales have to sell at the same time or in quick time to make that fall happen . Which is like very difficulty to happen unless all government clearly state that it is illegal to use and ban them then only quite possible that it will fall to that extent .

[YOSHIE]

You predict, I am not sure what you are saying,

(bitcoin can go down to $ 800 if it fails to overcome the downward trendline of $ 4600).

I give a little meaning to predictions: you could say: (predictions and estimates) to come,
Bitcoin is one digital currency, or cryptocurrency which is very well known today, many investors, who are investing in Bitcoin. To come, Bitcoin I'm sure it will break at the level of $ 15,000 to $ 20000,
Now, again predicting, in this world no one can say what will happen for tomorrow and for the future.
remember: a virtual tribe from the United States, who predicts [doomsday will occur in 2012] is one of the irresponsible statements, Silly.

[DeathAngel]

Why $800 not $700 or $900? Looks to me like somebody just plucked $800 out of the air to try & creare shock value. No way we’re going to $800.

[Naida_BR]

This statement seems totally rubbish for me.
I can't really understand what lies behind their claims and what is the point of realizing fake information to the public.

I have stopped reading the news that they do not come from credible websites. This way I keep my trading decisions untouched from manipulative information.

[Shinpako09]

This could happen since we say everything is possible in btc but the thing is they have different percentage or chance. No matter what the current situation is, there is always someone that give prediction for rise and fall. That is just a prediction and you have your own mind. So it's up to you if you were going to believe such prediction. Mine, I don't believe this.

[Juggy777]

The cryptospace appears to be beginning to spread bear market irrationality. According to this clickbait news, an up and coming analyst that hides behind its twitter account name Financial Survivalism, bitcoin could drop to $800 if it fails to surmount a declining trendline at $4600.

I reckon the people who controls that Twitter account should talk to the now rational Tom Lee for advice hehehe.

Also, this news might be a scam effort to gain more followers for that account which might also be controlled by newbtc.com. I might also be irrational in this, however hehehe.

In any case, who owns newsbtc

Another day, another foreboding piece of analysis. A leading analyst claims that as Bitcoin (BTC) has yet to break out of its current range, there’s a growing potential that the cryptocurrency could fractal, and undergo a drop that looks much like that seen in November of yesteryear.

Financial Survivalism, an up-and-coming analyst centered around Bitcoin, recently took to Twitter to issue a harrowing comment. He noted that the longer than BTC fails to surmount a long-term declining trendline at ~$4,600, the higher likelihood that the cryptocurrency’s price could “mirror the price action from September 20th to November 25th of last year.

Per the analyst, this would mean that BTC could trade flat for another two to three months, before falling dramatically to the $800 price point. This, of course, is a worst-case scenario, but Survivalism does allude to a good point about market cycles and behavioral finance.

Read in full https://www.newsbtc.com/2019/03/03/bitcoin-collapse-800-late-2018s-plunge-mirrored-crypto-analyst/

Hey these scam artists are popping up everyday and, not just on Twitter each and every social media as such news are clickbaits and people will share them due to fear. I’m not even reading one line what he has to say, as these analysts have zero knowledge of crypto’s most of them are PR people who’re making catchy headlines for traffic. I think such news should not be shared only, let this news die a slow death.

[MakeMoneyBtc]

There are dozens of predictions like this , some saying price will go to $50k other saying it will go under 1000$. So its better not to listen to anyone since everyone has different opinions and they are always going to come with arguments why price will go up or down doesnt matter if we are in bear or bull market.

[LUCKMCFLY]

This could happen since we say everything is possible in btc but the thing is they have different percentage or chance. No matter what the current situation is, there is always someone that give prediction for rise and fall. That is just a prediction and you have your own mind. So it's up to you if you were going to believe such prediction. Mine, I don't believe this.

Totally agree, a bitcoin movement happened a few hours ago, it went down in price, without volume, that is, there is not much demand, maybe Strong Hands are preparing a bullish movement to try new price levels, it is time to verify the offer in new price ranges, if the bitcoin keeps falling, it is possible, but it will not have any effect on the level of speculation, many want to accumulate bitcoins, but they will not get them so cheap, a good bull can be preparing at this moment and return to a green market.

[teilwalL05]

I really think this is just a manipulation strategy and a solid FUD by most people that want the price to really go down, there is a possibility because the market is really volatile and unpredictable but the $800 price is really very low for a speculation in my analysis the price of BTC can still go down to $2000 USD and will be not any further go down from that value, I guess they really want to set an uproar to some weak hands so they would sell their bitcoin and they can buy cheap.

[infested]

Thats complete nonsense. The cost of mining BTC alone and the investment of big miners is enough to keep the price way above those limits as they themselves  would just start buying it just to keep the prices high using their huge amounts of capital earned over the years.

We are probably already hit rock bottom since prices are stable for months and a reversal in market psychology leading to another boom is coming. Just look at the advancements in the sector its almost only positive news everyday for over a year now.

[jvdp]

Thats complete nonsense. The cost of mining BTC alone and the investment of big miners is enough to keep the price way above those limits as they themselves  would just start buying it just to keep the prices high using their huge amounts of capital earned over the years.

We are probably already hit rock bottom since prices are stable for months and a reversal in market psychology leading to another boom is coming. Just look at the advancements in the sector its almost only positive news every day for over a year now.

Always initial bitcoin miners and big whales are driving the BTC value with some stability. I really do not agree with others whoever feels that bitcoin fall under 1k USD. This is not at all possible then next halving we gonna meet for BTC.
This all these will give benchmark bump in the crypto market especially Bitcoins.

Let us wait and see the updation from the various blockchain and technology. It will be really helpful for us.

[hugeblack]

Even it was blown 100$,  Just HODLing.
This user refers to 732$ and to analyzes based on what happened in the past which appears to be incorrect due to changing circumstances. "Events can’t be gleaned from the past and then build future analyzes on it."
I know an economist still thinks that Bitcoin is a Ponzi scheme. Do not rely on other people's assessment, do what you believe in.