{"id":384095,"date":"2019-05-29T01:01:53","date_gmt":"2019-05-29T01:01:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=384095"},"modified":"2024-06-11T13:43:31","modified_gmt":"2024-06-11T13:43:31","slug":"bitcoin-price-targets-at-bottom-show-that-crypto-markets-are-unpredictable","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-targets-at-bottom-show-that-crypto-markets-are-unpredictable\/","title":{"rendered":"Bitcoin Price Targets at Bottom Show That Crypto Markets Are Unpredictable"},"content":{"rendered":"

As Bitcoin price<\/a> inches closer to $10,000, the market is still showing signs of disbelief due to the speed and power at which Bitcoin rose out of the depths of the bear market<\/a>. No one expected the crypto asset to spike so strongly following<\/a> the longest bear market on record.<\/span><\/p>\n

The price targets thrown around by crypto investors around the time the bottom was put in \u2013 around mid-December – clearly display just how unpredictable the crypto market is, as no one at all was calling for Bitcoin to breach $6,000 and so quickly be knocking at $10,000\u2019s door.<\/span><\/p>\n

Overly Confident Crypto Investors Completely Miss Bitcoin Price Target<\/span><\/h2>\n
Financial market cycles all play out the same way, and despite it being an emerging asset like no other, Bitcoin<\/a> has been no different and has demonstrated the same peaks and troughs of investors sentiment. Bitcoin price rose substantially in 2017, forming a \u201cbubble\u201d peak that popped, causing an 85% decline following the break of the crypto\u2019s parabolic advance, and the longest bear market on record ensued.<\/span><\/p>\n
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble\u00a0<\/a><\/strong><\/em><\/p>\n
During this time, irrational exuberance, euphoria, and hype quickly turned into anxiety, denial, and soon, panic, as the price of Bitcoin and other cryptocurrencies plummeted faster than they rose in the first place. As the market bottomed, anger, depression, and fear are emotions that are at their highest, causing investors to be reluctant to buy at prices that would otherwise be viewed as ideal entry points. This fear-filled sentiment clouded the judgement of many, as can be seen in volume profiles during that price action.<\/span><\/p>\n
Also around that time, recently capitulated crypto investors began targeting<\/a> far below the Bitcoin bottom of $3,150 and had been looking for prices in the $2,000 range, with some calling for $1,000 or lower.<\/span><\/p>\n
\n
When we were at the 3-4K range, I don't remember seeing one analysis or chart predicting $BTC<\/a> having 8.9K+ as a target. <\/p>\n
Goes to show nobody knows what's going to happen next.<\/p>\n
— Bagsy (@Bagsy) May 27, 2019<\/a><\/p><\/blockquote>\n