Story by: Nivesh Rustgi
As the Spring arrived, the cryptocurrency sentiments also blossomed; fears of a new bottom in Bitcoin were diminishing considerably as the market revived above the $130 billion capitalizations. However, some soothsayers are still predicting worse tidings.
A leading panel of cryptocurrency market analysis at the #Token2049 in Hong Kong called out new and heart-breaking bottoms for any cryptocurrency trader.
The panelists included leading derivatives and cryptoanalyst, Tone Vays, ‘fundamentals’ analyst from Princeton University, Murah Mahmudov, and Arjun Balaji, an independent Blockchain Researcher and Investor. Experts from both, the fundamentals and technical point of view suggested ominous tidings.
Crypto-Winter to Get Even Worse?
Mahumudov and Balaji called out Bitcoin bottoms at $2000-$2500 range by the end of summer 2019. While Tone Vays suggested a bottom at $1300 per BTC, however, he did not call out a specific timeline for the issue.
At $3000, Bitcoin had already lost 84.8% from its All-Time High of $19783. If rhetoric is made with the 2014-2015 bear cycle, it had also lost around 84% before finally bottoming at $165 from $1051 per BTC. Nevertheless, a bottom near $1300 would signify price correction of 93% from its ATH.
The panel unanimously also indicated that Ethereum is over-priced at $130, as it is still going through a transition phase. The scalability and transaction fees issue haunts the platform capabilities presently, and corrections are in order in the mid-term. Ethereum, which is holding on to 60% gains from its yearly low of $83.3 in December 2018, may see further downside to its price.
Last but not least, the panel only called out a short term persistence of the ‘crypto winter.’ They reaffirmed long-term bullish trends in Bitcoin in 2020.