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After the crypto markets rose very sharply last week, the current slight decline should come as no surprise to anyone. Analysts are still bullish, as they gradually adjust their forecasts.
$ 80,000 on the next run?
The entire crypto market has increased enormously last week, which is why there has been a slight correction in the past few days. No one should be surprised after even Bitcoin has almost made it to USD 9,200, reaching a 10-week high. BTC’s price is currently just over $ 8,600 after a major sell-off on Sunday. This corresponds to a decrease of around 5 percent. Analysts are still very optimistic, even if they have adjusted their forecasts.
One of these analysts includes the well-known trader Josh Rager, who can be found on Twitter and @Josh_Rager. He found that bottom-to-top returns decrease with each market cycle. This suggests that the next high will not fall in the six-digit range, as many of his colleagues predict.
“There are many analyzes ranging from $ 100,000 to $ 300,000 and even up to $ 1 million. The simple return shows that the return from bottom to peak is reduced by about 20 percent in each cycle. ”
Still, not everything is as bearish as it may sound, Rager expects a high that will play out at around $ 80,000. To do this, Bitcoin would have to cover a distance of around 800 percent of the current price.
When this goal should be achieved, however, was not mentioned. Judging by the chart, it will be around next year, however.
$ BTC Unpopular opinion:
The next Bitcoin peak high will not be as high as most people think
Lots of analysis out there point from $ 100k to $ 300k to $ 1M
Simple rate of return will show you bottom to peak return reduces by around 20% each cycle
IMO, next high hits $ 75k to $ 85k pic.twitter.com/EoWZqcWfbe
– Josh Rager ? (@Josh_Rager) January 17, 2020
He also warned everyone hoping for six- or even seven-digit Bitcoin prices:
“Don’t be greeted by greed this time”.
Many missed the high in 2019. Others expect a huge pump after halving as network metrics remain healthy.
“If you see Bitcoin everywhere in the media and everyone talks about crypto except for CT (Crypto-Twitter), then the top is probably reached, regardless of whether it is $ 50,000, $ 75,000 or $ 100,000.”
Bitcoin does not tend to stay at these highs for long. In December 2017, he held over $ 19,000 for just 48 hours. In June 2019 it was even shorter than the $ 13,500 mark.
Rager further said that it was advisable to start taking profits at $ 30,000 and then at $ 50,000. After that, it could become parabolic for a very short time. His last tip was that you should hodl at least one Bitcoin if you can.
“I will always hold 1 bitcoin. If he hits a million, cool, I have one. ”
Image source: Pixabay
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