Bitcoin is Cheap Until April, We’ll Never See Price at $3,000 Again: Trader

[cybersofts]

Despite being down 80 percent from its all-time high, a fairly large number of investors are still cautious and shorting bitcoin in a low price range.

Bitcoin shorts achieved a 3-week high earlier this week, demonstrating a  lack of confidence of investors in the cryptocurrency market in the near-term performance of bitcoin.



1-Month Price Chart of Bitcoin (Source: Coinmarketcap.com)


But, according to a trader known to the cryptocurrency industry as “Galaxy,” bitcoin at $3,000 may be a rare opportunity that does not come again in the future.


Why $3,000 For Bitcoin is Rare

According to Galaxy, since its inception, bitcoin has established a trend of reaching a new all-time high, enduring a steep decline in price, initiating an accumulation, and recovering to a new high.

Based on that trend, the trader said that investors will likely never see Bitcoin at $3,000 once again after April and the dominant cryptocurrency is en route to recovering in 1 to 2 months.

He said:

    Although prices may appear to be random (to some), they actually create repeating patterns and trends.

    Observing this pattern makes April the last month of cheap BTC. And now, of course it will be cheap multiple times in the future, but never $3,000 cheap.

There are several traders and technical analyst who foresee bitcoin replicating its price movement in November wherein it experienced three months of stability and fell by nearly 50 percent in the following month.

    $BTC mirror world, times almost up ⌛️ pic.twitter.com/F8em6QQd7E

    — Moon Overlord (@MoonOverlord) March 14, 2019

If bitcoin fails to cleanly break into the $4,000 region and surpass key resistance levels at $4,200 and $4,300, analysts have said that a retest of lows at $3,300 and $3,122 is a possibility.


Reference: https://www.ccn.com/bitcoin-is-cheap-until-april-well-never-see-price-at-3000-again-trader

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[1Referee]

If bitcoin fails to cleanly break into the $4,000 region and surpass key resistance levels at $4,200 and $4,300, analysts have said that a retest of lows at $3,300 and $3,122 is a possibility.

Analysts and possibilities. 

Following the trend lines, which do seem to support Bitcoin, it's only a matter of looking at the charts to figure out what's going to happen. This holds significance until it doesn't, which means that we have to close below the supportive trend lines, and then still, the 200WMA is creeping up higher and higher, which makes it less likely to retest $3150 unless it's a flash wick that gets bought up to keep the daily and weekly chart still look pretty.

Everything we see is indicative of more sideways actions. I doub't we're done with $3xxx prices, but even if so, if it turns out that we bottomed for sure, it's not a problem to buy 10-20% higher if it keeps going up from there.

[BrewMaster]

Despite being down 80 percent from its all-time high,

it is closer to 85% than to $80%

a fairly large number of investors are still cautious and shorting bitcoin in a low price range.

being cautious means not doing anything and waiting for a signal or at least trading with a small window, shorting is the most dangerous thing anybody can do right now!

Bitcoin shorts achieved a 3-week high earlier this week, demonstrating a  lack of confidence of investors in the cryptocurrency market in the near-term performance of bitcoin.

i'm sorry but i can't believe in this because price is stable! who is shorting something that doesn't even move?

But, according to a trader known to the cryptocurrency industry as “Galaxy,” bitcoin at $3,000 may be a rare opportunity that does not come again in the future.

no shit

Based on that trend, the trader said that investors will likely never see Bitcoin at $3,000 once again after April and the dominant cryptocurrency is en route to recovering in 1 to 2 months.

it is not possible to come up with any patterns at this stage. price may start rising this week or next month or in a couple of months from now. the drop is even possible but only if something terrible happens out of the blue.

[LeGaulois]

From December 2018 (date on which Bitcoin gradually losts value from ~$6k to ~$3,5k) to March 2019 the Bitcoin value has remained around $3,500 with small up and down here and there.
What I mean is Bitcoin is already cheap, for several months the price is around the same on average. Its value could be less than the $3,000 line. if a scenario like we got in Dec 2018 happens, it could bring the Bitcoin value to the $2,5k-$2k range

[Kemarit]

LOL, who is this Galaxy? But yeah, pretty much if you have been in cryptosphere since it's last peaked then obviously this is good accumulation period starting last November when it bottomed. I guess one reason though why casual investors are not entering or just wish to do short trading is that there's no significant news coming along. Just look at the price right now, struggling to break $4000, why? Maybe the bears is not yet done and not exhausted and will continue to short and book profits as long as they want. So it will be a slow grind for weeks or even in the next coming months.

[buwaytress]

I'm still sticking to my guns. More lows for 2019, possibly even creaming off 3k and threatening 2k. After all, Bitcoin wouldn't "complete" the cycle without shedding 90% of its ATH, now would it? I was prepared to feel terrible and I suppose my expectations haven't been met yet. This isn't the capitulation I was readying myself for:P

I'm warm and fuzzy either way. Wonderful period for earning in Bitcoin, and every month we stay in the doldrums is another month I get to grow my BTC.

[iv4n]

Analysts and possibilities. 

After this we don`t need to say anything more, this explains every possible prediction about bitcoin price. Even thou it`s explained many times, people still ask same questions, people still believe in everything they see, without thinking. Bottom line, don`t believe in any bitcoin price prediction, just relax and follow the market, have a plan for every possible scenario and don`t bother too much with a way to optimistic or pessimistic predictions.

[Ayiranorea]

As same as the Eliot wave chart on the BTC/USD the predictions have come to reality similar to that of the chart from the peak margin. Same as in the chart the market fell low closer to $3000, when the market indication shows around $4200 by that particular time period. Same as that once again a drop point is seen over the market in the upcoming days which is around the $3000 mark. In this regard I believe there will be price falls close to $3000 before a big pumping.

[exstasie]

LOL, who is this Galaxy?

Yet another nobody. These publications are so desperate for content.

A few years ago, you had to prove yourself as an analyst for anyone to pay attention to your charts. Now all you have to do is buy a few followers on Twitter and make a provocative prediction like "BTC already hit the bottom!" or "BTC to $1,000!" and these trashy news sites will publish your analysis.

Anyone banking on the bottom being in already is assuming that on the basis of fractal analysis which is just about the least respected form of TA in existence. Most traders rightly view it like reading tea leaves.

[Harlot]

The word “never” is something we actually cannot expect to happen even though we can retest the 3,000$ level now it doesn't mean that we won visit it for another time. The charts or any future possibility does not remove the fact that 3,000 $ is something we could visit even after a bull run happens. A lot of traders or known individuals in the past make bold statements before similar to what Galaxy said that it won't touch this certain levels anymore but every single one of them are wrong as the crypto market is really unpredictable especially when you looking at long term projections.

[Dreamchaser21]

Hopefully, because bitcoin is down for so long but this is not guaranteed since many speculations that stating bitcoin will have its another dump before it finally go up. The market should be more active this time, we need to see bitcoin on top again but we have to wait for that.

[Romanianz]

Hopefully, because bitcoin is down for so long but this is not guaranteed since many speculations that stating bitcoin will have its another dump before it finally go up. The market should be more active this time, we need to see bitcoin on top again but we have to wait for that.

I don't think anyone can provide a guarantee that the price of bitcoin can return to expensive if you don't support buying bitcoin, because you have to know to be able to make the increase in the price of bitcoin there must be someone who buys a lot of bitcoin.

[BitHodler]

The market should be more active this time, we need to see bitcoin on top again but we have to wait for that.

When it's active people want it to be stable, and when it's stable people want it to be active. I think Bitcoin is doing fine where it is right now--everything is better than another major leg down.

People will only have appreciation for current "boring" price when it dumps 50%, just like what happened last year. The lack of activity was what people complained about, and here we are today....

I'm happy to accumulate some more coins at current levels, but I'm buying small chunks each time just in case we do get another leg down. I doubt it will drop much further, but you never know.

[thecodebear]

Basically the guy is just saying the obvious, at some point in the near future Bitcoin will rise out of the $3000s permanently. That is the start of the next bull run. I think April is a bit early, I'd say more like August, but yeah Bitcoin is cheap now and if you wait too long you'll miss the bottom which has already been going on for 4 months.

[pooya87]

From December 2018 (date on which Bitcoin gradually losts value from ~$6k to ~$3,5k) to March 2019 the Bitcoin value has remained around $3,500 with small up and down here and there.

"gradually" for this particular price drop is the understatement of the year

from $20k (the top of the bubble) down to $6k (bottom of the bubble burst) tool more than 7 months and that is 70% drop.
then we stayed there for more than 6 months building up a solid bottom.
the drop from $6k down to $3k (>50%) only took 12 days which is actually why i never considered it a real drop and i call this state we are in right now a "reverse bubble".

[mirakal]

How about until March?

I like that analysis, seems like experts are now bullish with BTC and they believe BTC has already bottomed.
I'm very much excited seeing bitcoin pump again, granting that the analysis is correct, may I know what possible price will be the high this year?

[buwaytress]

From December 2018 (date on which Bitcoin gradually losts value from ~$6k to ~$3,5k) to March 2019 the Bitcoin value has remained around $3,500 with small up and down here and there.

"gradually" for this particular price drop is the understatement of the year

from $20k (the top of the bubble) down to $6k (bottom of the bubble burst) tool more than 7 months and that is 70% drop.
then we stayed there for more than 6 months building up a solid bottom.
the drop from $6k down to $3k (>50%) only took 12 days which is actually why i never considered it a real drop and i call this state we are in right now a "reverse bubble".

God damn it but I have not seen this term before. Reverse bubble. Absolutely does not make sense (bubbles burst) but I can sort of imagine an inverse bubble, sort of like a contained implosion into a new dimension within space.

Yes, I can see myself using this inverse bubble term one day, in 2021 maybe when we're back to the normal bubble, maybe ask someone to do a nice graphic of the bubble and its inverse! A new kind of TA chart!

P.S. My life also has had a gradual pattern of decline... in the same way as Bitcoin sheds 50% value in a fortnight!

[el kaka22]

I agree that 3000 dollars is just way to little for bitcoin from now on. We have managed to make so many improvements on bitcoin and on crypto that if we could increase ever again we can sustain higher prices and that was the biggest trouble last time around, we did increased but that increase was unsustainable.

Bitcoin is "cheap" right now for sure but that doesn't mean it will go up right away, there is definitely difference between buying now and waiting 6 months until we make a decent profit and buying 6 months from now just before the increase and than make profit the next day. So all in all we know we are in a great price right and buying from this price is smart but we just don't know when the next increase will be so we are all either buying today or waiting until we are really close for that bull run and buying right before that moment.

[magneto]

Despite being down 80 percent from its all-time high, a fairly large number of investors are still cautious and shorting bitcoin in a low price range.

Bitcoin shorts achieved a 3-week high earlier this week, demonstrating a  lack of confidence of investors in the cryptocurrency market in the near-term performance of bitcoin.

I don't know whether this is logical for the market to do, because it certainly seems like that bitcoin has already bottomed. I don't think that in the near future we'll see anything lower than what the bottom has currently been established by, so these shorts could certainly result in a short squeeze in the short term.

Regarding this person's prediction about bitcoin being cheap until April, I wouldn't jump to conclusions about when the rally or breakout will happen. It might not even happen in this half of the year for all that we know.

All that we know at the moment is that there is relatively low probabilities the value of BTC will drop significantly in the short term. -75-80% seems to be the range where most bear markets that bitcoin has experienced have seen its floor, and we've already been through that phase. Unlike some others, I think that it is pretty much impossible for prices to drop below $2.5k at minimum, let alone go to three figures like some people fear it will.

[omonuyak]

I do agree with op view and for some of us that has be in this market for long we can easily agree with op that this is how bitcoin circle works.  If the next bull commence it must create another new high and after that full deeply again and rise high.