Despite the 82% drop in the capitalization of cryptocurrency market in the past year and the inability of bitcoin to overcome the important resistance level of $4,200 in the last three months, cryptocurrency analyst predicts that the price of bitcoin by 2023 will exceed $150 000.
Josh Rager (Josh.), technical analyst and cryptocurrency investor said that based on the price trend of bitcoin since 2011 and the recovery model of bitcoin after the correction, BTC could reach a new peak price for 2051 day, that is until 2023.
Long term forecast Rager especially interesting, because he expressed his bearish stance on short-term price trend of bitcoin.
Many traders and analysts have a similar opinion, and believe that bitcoin can avoid a potential fall to the support level of $3,500 only if you can keep your momentum in the region of $4000.
In the past three months, bitcoin tried to break the key resistance level of $4200 to rise to ranges above $5000, but each time failed.
For example, on 24 February, the bitcoin rose sharply to $4200, reaching a price of $4206, but could not maintain it and almost immediately dropped to $3700.
Rager noted that this week bitcoin could reach $4200 and hold above the key level and to avoid a further drop below $4000, and keep your momentum over the next months.
There are several scenarios for bitcoin. In fact, nobody knows developments. It would be historically good to short or sell about $4200, and to buy about $3500. Breakthrough, closing and storage above $4200 would be bullish in the short term. The drop to $3500 is very bearish. The sideways movement of bitcoin is perfectly located for Pampa alternative cryptocurrencies
– he explained.
At this stage, the cryptocurrency market, where most projects are struggling to secure funding to expand their operations, and resources focused on high-quality projects to industry leaders it is difficult to tune optimistic about the future of the asset class.
However, during March, most of the heads of the cryptocurrency industry expressed a positive view on the asset class and activity levels in the industry amid a 16-month bear market.
It seems that the General consensus of traders and technical analysts is that the bottom of the bitcoin and cryptocurrency market has been set, or is coming to the establishment, so this can be the basis for a gradual recovery period for 2019.
According to technical analyst, market absorption is made up of sales orders at $4100 for a short period could push the price of the asset up to $4300.
Quick sale (sell off) quickly bought up and that’s very bullish, we will test $4300 in the near future,
Achievements in the near future at $4300, after overcoming the resistance level of $4200, will ease pressure on the main cryptocurrency, which will facilitate the potential movement of the asset to higher levels of resistance, which he could not check from November 2018.