The Bitcoin price could “bottom” at $2500 in January 2019, BTCC co-founder Bobby Lee has forecast in his latest prediction which many traders already consider too optimistic.
Lee: Bitcoin Price Under $2K ‘Very Surprising’
On the back of an ongoing social media poll involving almost 5000 participants, Lee, who is becoming increasingly known for his bullish price predictions, said “a lot of buy orders and support” would keep Bitcoin above $2000.
“I’ll be very surprised if it ever hits $2,000 again,” he wrote December 8.
I suspect there will be a lot of buy orders and support at both $3,000 and $2,500 mark. We will see!
Despite a previous flurry of prophecies claiming the Bitcoin price would reverse its bear market to reach significant levels before the end of the year, markets have so far failed to do so.
How Low Is Low Enough?
The past week has seen the largest cryptocurrency fall to new lows not seen since September 2017, the current local ‘bottom’ appearing Friday at $3220.
Now, attention is focusing on Bitcoin’s bear cycle having similar characteristics to its previous one, which Lee notes saw BTC/USD 00 drop 87 percent from $1200 to $150 between December 2013 and January 2015.
“Now from Dec 2017 high of $20,000, going down 87% would take it to $2,500. So maybe bottom out in Jan 2019?” he quizzed his audience.
Respondents appeared unconvinced. At press time, the most popular answer to the survey with 39 percent of votes claimed that Bitcoin would fall further and that this would last beyond next month.
Through its current performance, the Bitcoin price is on the way to mimicking the ‘Outrageous Prediction’ made by pro-crypto Saxo Bank for 2018.
At a time when crypto markets were all beating all-time highs, analysts at Saxo decided a joint effort from the Russian and Chinese governments would take Bitcoin down to just $1000.
“After its spectacular peak in 2018, Bitcoin crashes and limps into 2019 close to its fundamental ‘production cost” of $1,000,’ they concluded.
You can check out the latest Bitcoin price analysis from Bitcoinist here.
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