{"id":401937,"date":"2019-10-21T19:00:17","date_gmt":"2019-10-21T19:00:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=401937"},"modified":"2019-10-21T15:46:57","modified_gmt":"2019-10-21T15:46:57","slug":"crypto-analyst-calls-as-low-as-300-bitcoin-cites-lack-of-demand","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-analyst-calls-as-low-as-300-bitcoin-cites-lack-of-demand\/","title":{"rendered":"Crypto Analyst Calls As Low As $300 Bitcoin, Cites Lack of Demand"},"content":{"rendered":"

While Bitcoin<\/a>\u00a0has risen at its peak over 350% in 2019 from its bear market bottom, the crypto asset failed to breach above a local high of $14,000 and fell short of retesting its previous all-time high of $20,000. The failure by bulls to push Bitcoin higher and reignite the FOMO from the crypto hype bubble has caused fear to take hold of crypto investors who are worried the bear market bottom isn\u2019t actually in, and new lows may be set. <\/span><\/p>\n

One crypto analyst, says that not only could new lows below $3,000 be set, but that Bitcoin could fall another 90% to as low as $300.<\/span><\/p>\n

Crypto Analyst Doesn’t See Yearly Support Until $300 BTC<\/h2>\n

After a parabolic rally from April through August, Bitcoin<\/a> was rejected at $14,000 and after consolidation for a few months under the resistance level, the price of the first-ever crypto-asset began to fall and is now valued at over 40% less than the local high.<\/span><\/p>\n

Related Reading | Bitcoin Correlated With Avocado Toast, Is Crypto Another Millennial Luxury?\u00a0<\/a><\/strong><\/em><\/p>\n

The botched bull rally is a result of Bitcoin failing to recapture the interest of the mainstream public it once had, and the lackluster launch of Intercontinental Exchange\u2019s Bakkt exchange hints that institutional investors aren\u2019t interested either.<\/span><\/p>\n

The lack of demand, says one crypto analyst, could cause Bitcoin to fall below its previous bear market bottom set in December 2018 at $3,100.<\/span><\/p>\n

https:\/\/twitter.com\/ChonkyOne\/status\/73501953<\/p>\n

The analyst cites the yearly chart for the BraveNewCoin Liquid Index<\/a> for Bitcoin \u2013 a chart that dates back to the origin of the crypto asset, and gives the widest-angle long-term view of the asset\u2019s growth trajectory.<\/span><\/p>\n

According to the analyst and the yearly chart, $4,000 is the \u201conly decent\u201d support level until \u201csub-$3K.\u201d However, the sub-$3K the analyst is speaking of is a support zone that lies another 90% below Bitcoin\u2019s bear market bottom of $3,100, extending as low as $300 per BTC.<\/span><\/p>\n

On the high end of the support zone would be the 2014 yearly open price of $800.<\/span><\/p>\n

Irrational Call? Or Is a Lack of Fundamental Growth Hindering Bitcoin Demand?<\/h2>\n

However, its worth pointing out that calls for such lows are as irrational as calls for $100,000 Bitcoin during the 2019 parabolic rally. When traders \u2013 bullish or bearish \u2013 become exuberant and make unrealistic calls, it often signals a reversal is near.<\/span><\/p>\n

Some of the best investors in history advocate taking a contrarian stance, suggesting that such a call is a great buy signal. However, the analyst also calls out a lack of fundamentals driving demand in the asset.<\/span><\/p>\n

Related Reading | Coinbase, Cash App, Remain Top Rated Places To Easily Buy Bitcoin\u00a0<\/a><\/strong><\/em><\/p>\n

Bitcoin\u2019s speeds, abilities, and even accessibility<\/a> hasn\u2019t changed dramatically since the height of the crypto hype bubble two years ago. Segwit being implemented helped with minor speed and fee improvements, and Lightning is the next step in the evolution of second-layer technologies. However, for the time being, Bitcoin is slow, clunky, volatile, and is facing its toughest regulatory environment yet \u2013 the days ahead could get ugly for the crypto market, but can it get $300 per BTC ugly?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

While Bitcoin\u00a0has risen at its peak over 350% in 2019 from its bear market bottom, the crypto asset failed to breach above a local high of $14,000 and fell short of retesting its previous all-time high of $20,000. The failure by bulls to push Bitcoin higher and reignite the FOMO from the crypto hype bubble has caused fear to take hold of crypto investors who are worried the bear market bottom isn\u2019t actually in, and new lows may be set. One crypto analyst, says that not only could new lows below $3,000 be set, but that Bitcoin could fall another 90% to as low as $300. Crypto Analyst Doesn’t See Yearly Support Until $300 BTC After a parabolic rally from April through August, Bitcoin was rejected at $14,000 and after consolidation for a few months under the resistance level, the price of the first-ever crypto-asset began to fall and is now valued at over 40% less than the local high. Related Reading | Bitcoin Correlated With Avocado Toast, Is Crypto Another Millennial Luxury?\u00a0 The botched bull rally is a result of Bitcoin failing to recapture the interest of the mainstream public it once had, and the lackluster launch of Intercontinental Exchange\u2019s Bakkt exchange hints that institutional investors aren\u2019t interested either. The lack of demand, says one crypto analyst, could cause Bitcoin to fall below its previous bear market bottom set in December 2018 at $3,100. https:\/\/twitter.com\/ChonkyOne\/status\/73501953 The analyst cites the yearly chart for the BraveNewCoin Liquid Index for Bitcoin \u2013 a chart that dates back to the origin of the crypto asset, and gives the widest-angle long-term view of the asset\u2019s growth trajectory. According to the analyst and the yearly chart, $4,000 is the \u201conly decent\u201d support level until \u201csub-$3K.\u201d However, the sub-$3K the analyst is speaking of is a support zone that lies another 90% below Bitcoin\u2019s bear market bottom of $3,100, extending as low as $300 per BTC. On the high end of the support zone would be the 2014 yearly open price of $800. Irrational Call? Or Is a Lack of Fundamental Growth Hindering Bitcoin Demand? However, its worth pointing out that calls for such lows are as irrational as calls for $100,000 Bitcoin during the 2019 parabolic rally. When traders \u2013 bullish or bearish \u2013 become exuberant and make unrealistic calls, it often signals a reversal is near. Some of the best investors in history advocate taking a contrarian stance, suggesting that such a call is a great buy signal. However, the analyst also calls out a lack of fundamentals driving demand in the asset. Related Reading | Coinbase, Cash App, Remain Top Rated Places To Easily Buy Bitcoin\u00a0 Bitcoin\u2019s speeds, abilities, and even accessibility hasn\u2019t changed dramatically since the height of the crypto hype bubble two years ago. Segwit being implemented helped with minor speed and fee improvements, and Lightning is the next step in the evolution of second-layer technologies. However, for the time being, Bitcoin is slow, clunky, volatile, and is facing its toughest regulatory environment yet \u2013 the days ahead could get ugly for the crypto market, but can it get $300 per BTC ugly?<\/p>\n","protected":false},"author":517,"featured_media":401938,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,2126,8028,42138],"class_list":["post-401937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-fundamentals","tag-segwit","tag-yearly-chart"],"acf":[],"yoast_head":"\nCrypto Analyst Calls As Low As $300 Bitcoin, Cites Lack of Demand<\/title>\n<meta name=\"description\" content=\"While Bitcoin\u00a0has risen at its peak over 350% in 2019 from its bear market bottom, the crypto asset failed 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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