February 3, 2020

Bitcoin Price Analysis: The Probability of Price Decline to $2,000 Level Amid Strong Bull Sentiments

A macroeconomist, Henrik Zeberg, suggested that the price of the first cryptocurrency will drop by 80% according to the Elliott wave analysis. However, trader Peter Brandt believes that her rate has entered a phase of parabolic growth and will rise above $ 100,000.

Bitcoin price could fall to $ 2000, said Henrik Seberg. In his Twitter account, he published a chart of the first cryptocurrency, showing that its rate has moved to phase C, according to the Elliott wave analysis. This indicates a long-term decline in the value of the asset, which will last for a year, the expert said. For now, this is one of many forecasts that predict the possible Bitcoin price decline. 

For example, the CEO of Bitmex, Arthur Hayes preditected another forecast that may finish with Bitcoin’s price at $3000 level. Yet, a year ago – the founder confirmed the theory of price flying towards the $50,000 level.

According to him, at this point is the breakeven point of mining, which will become the level of support for the price of the first cryptocurrency.

“The bottom of the Bitcoin price range is at the breakeven point of mining. If the price of the coin resumes falling, we expect it to decline to the support level of $ 3,000,” Hayes explained. 

He also added that the rise in the value of Bitcoin is also possible, and it depends on the level of inflation in the world market. In the case of easing US monetary policy, a coin could rise in price by $ 20,000 by the end of 2020, Hayes said. 

However, this mark is a significant, historical level; it cannot be overcome the first time.

Bulls Are Stronger, Decline Is Not An Option Yet

Another opinion as Peter Brandt voiced the opposite forecast. He said that the Bitcoin exchange rate had entered a phase of parabolic growth. 

Bitcoin Live

Therefore, the price of a coin can overcome the mark of $ 100,000, but this will not happen before 2021, the expert noted.

“I don’t want to rush too much so as not to make a mistake, but I think that the Bitcoin exchange rate could rise much higher than $ 100,000. However, this will not happen until 2021,” Brandt suggested.

He added that a “bullish” triangle has formed on the weekly Bitcoin chart with vertices at $ 20,000 and $ 14,000 and a bottom of $ 3200. At the moment, the upper limit of this figure is at the level of $ 11,000. If the price of a coin can overcome it, this will provoke its rally, the trader said. 

Otherwise, the Bitcoin exchange rate will drop to the bottom of the triangle, located approximately at $ 8,000, Brandt emphasized. According to him, if this level does not stand, and the price of the asset drops below, its long-term growth will be in doubt.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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