More pessimistic Pundits have predicted the demise of Bitcoin over 336 times. Following the recent price drop, and the general crypto winter being experienced in the market, this might just be one more for the tally.
In the last couple of hours, the market has turned strongly bearish seeing major coins break key resistance levels. Bitcoin, in particular, has dropped below $3,800 marking an over 2% fall at press time. This has further seen the total market cap drop to around $126 billion owing to the fact that the crypto leader has an over 51% dominance.
Despite the gloomy feel around the market, some pundits suggest that if history serves Bitcoin right, it could see some massive gains during the next bullish rally.
Trader Suggests Bitcoin Could Hit $336,000
According to TraderScarface, the next bullish rally could see Bitcoin hit as high as $336,000. This has been accredited to the fact that Bitcoin has surged by around 5 to 16 times every time it has lost over 70% of its value. This means that Bitcoin could hit anything above $100,000 during the next big rally. However, the latest price plunge has just proven that the market is still in its crypto winter and it will take a little longer to see the market change its trend for the good.
Where Will Bitcoin Bottom?
A new technical indicator is showing that Bitcoin might have bottomed in December. The money flow index which shows buying and selling pressure and oscillates between zero to 100, Bitcoin likely bottomed at $3,122 back December. Since the coin hit this low and bounced back, the coin has not re-tested the position again. In 2019, the lowest the coin has hit is just a little under $3,200. Maybe a retest of the $3,122 position is what is required before prices can really rally?
Bitcoin (BTC) Price Watch
In the last couple of hours, prices have begun consolidating and despite the plummet experienced in the morning hours, Bitcoin has begun to recover. It is beginning to track its way back above $3,800.
As we have reported, most analysts expect that Bitcoin will remain within the $3,700 to $4,200 price range. For now, most holders hope that the leader can quickly find its way to the $4,000 range and possibly maintain above it. In the meantime, the coin continues to trade at risk of dropping below $3,500.