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.




The post Bitcoin Can Hit $1300 and ‘Ethereum is Over-priced’: Leading Analysts appeared first on Coingape.




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