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Crypto analyst bets that Bitcoin (BTC) will reach $ 1,165 prior to $ 10,000

What? Bitcoin could hit $ 1,165 for $ 10,000

Financial survival policy, a proponent of Bitcoin and self-proclaimed "financial revolution-prepper", recently noted that in the near future BTC could fall to $ 1,165 in the near future, referring to the so-called & # 39; Hyperwave & # 39; form of price analysis. Survivalism even noted that if the flagship cryptocurrency reaches Phase 1 of its Hyperwave formation, it could quickly peak below that level in a pit.

He had so much confidence that Bitcoin would eventually reach that price, 68% lower than the current levels, that he would make a bet with Murad Mahmudov, a leading crypto analyst and partner at Adaptive Capital who expects this market to reach a bottom in April / May. According to the Survivalism tweet, he bets 0.1 BTC, valued at $ 360 US dollars at the time, that the flagship cryptocurrency will reach $ 10,200 $ 1,165 on Bitstamp.

Although this sum is not a large sum, the two remarkable analysts were willing to put their reputation and pride in the rule for this commitment.

In a separate chart, in which the Hyperwave analysis was left out of consideration, the analyst drew attention to other technicals and trends that indicate that Bitcoin could be lower than the current levels. More specifically, he drew lines between the bear season 2014/2015 and the season in which the cryptocurrency space is currently involved.

Survivalism noted that BTC entered into the previous bear market a so-called "Adam and Eve" formation for a temporary upward breakthrough to test the 200-day exponential moving average, but dropped lower in the final bout of capitulation of that cycle.

While the Bitcoin chart has just entered an Adam and Eve formation, Survivalism maintains that history can rhyme, meaning that the asset would be able to retest $ 5,500 before it would begin to set lower lows. In fact, the analyst has revealed through this chart that if history does indeed rhyme, $ 732.84 could eventually be in the cards for every BTC.

Although there are some clear differences between his graphs, an overarching theme recruited by Survivalism is the idea that digital assets might fall further from current prices, even if optimists differ.

Short-term bearish, long-term bullish

The recent comments from Survivalism underline a common sentiment of a majority of industry experts that while Bitcoin may lower in the short term, it can rate the drug in an exponential way in the long term.

On several occasions, Mahmudov has drawn attention to the range of $ 1,600 to $ 2,300, claiming that BTC is likely to drop into that series. While this may seem like a harbinger, he once said that he is so optimistic about Bitcoin's long-term potential that he would not spend the asset for 10 years.

Zhao Dong, a Chinese Bitcoin legend, recently noted that while BTC might fall into this "crypto-winter", spring is around the corner and it would be wise to accumulate cryptocurrency while the public do not care. Analyst Josh Rager repeated that sentiment to a successful conclusion and explained that after potentially further lows in 2019, potentially few of the "general population" could pay an entire Bitcoin.

Title Image courtesy of Descryptive.com via Unsplash

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