{"id":371016,"date":"2019-02-11T15:30:48","date_gmt":"2019-02-11T15:30:48","guid":{"rendered":"https:\/\/wncen.com\/?p=371016"},"modified":"2024-06-11T07:44:25","modified_gmt":"2024-06-11T07:44:25","slug":"analyst-bitcoin-price-similarities-to-2015-bottom-is-unreal-what-could-it-mean","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-bitcoin-price-similarities-to-2015-bottom-is-unreal-what-could-it-mean\/","title":{"rendered":"Analyst: Bitcoin Price Similarities To 2015 Bottom Is &#8220;Unreal,&#8221; What Could it Mean?"},"content":{"rendered":"<p>Bitcoin (BTC) is the next frontier. No technologies have gone where crypto assets and related innovations are heading. Yet, within this space, reoccurring patterns have been observed, even though the movement of industry fundamentals, chart technicals, and social metrics seems sporadic and unpredictable.<\/p>\n<p>This theme was only cemented recently, as a leading cryptocurrency trader divulged that eerie lines can be drawn between 2014\/2015&#8217;s bear season and the one seen today.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/02\/03\/crypto-trader-bitcoin-bear-market-cannot-last-forever\/\">Crypto Trader Adamant That Bitcoin Bear Market \u201cCannot Last Forever\u201d<\/a><\/h6>\n<h2><strong>Bitcoin Could Rally Into 2020 Halving<\/strong><\/h2>\n<p>The day-to-day valuation of BTC may seem to come straight out of left field. But some would beg to differ. Over Bitcoin&#8217;s decade-long history, the asset has gone through a number of so-called &#8220;boom and bust cycles.&#8221; Although the numbers and timelines involved in these multi-year moves seem entirely non-correlated, with the difference between the peaks of 2014&#8217;s and 2017&#8217;s parabolic rallies amounting to $19,000, some would argue that this budding market has an extremely slow, yet ever-present heartbeat.<\/p>\n<p>Analyst Filb Filb recently issued a chart on TradingView that revealed &#8220;staggering pre-halvening similarities [between] 2015 [and] 2019.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BTCUSD:- STAGGERING PRE HALVENING SIMILARITIES 2015 VS 2019 &#8211; <a href=\"https:\/\/twitter.com\/hashtag\/BLX?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BLX<\/a> chart <a href=\"https:\/\/t.co\/T95q2nKpec\" rel=\"nofollow\">https:\/\/t.co\/T95q2nKpec<\/a><\/p>\n<p>&mdash; filbfilb (@filbfilb) <a href=\"https:\/\/twitter.com\/filbfilb\/status\/92188160?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 10, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The chart in question outlined the U.S. dollar value of <a href=\"https:\/\/wncen.com\/2019\/02\/11\/bitcoin-price-watch-btc-could-correct-lower-before-fresh-rally\/\">BTC<\/a> from mid-2014 to current, while also doing its best to predict future price action. According to Filb&#8217;s drawn lines, BTC may have already established a long-term bottom at $3,150 in mid-December, when the asset briefly moved under its a key moving average. Interestingly, the same series of events occurred when the flagship cryptocurrency bottomed in 2015, a year and a half before 2016&#8217;s halving.<\/p>\n<p>And as such, if history rhymes, not repeats, over the next 441 days starting February\u00a018th, Bitcoin may begin to embark on a recovery, potentially reaching $10,000 just before the halving.<\/p>\n<p>Other traders expressed bullishness in response to Filb&#8217;s optimistic chart. One trader, the so-called &#8220;bag of <a href=\"https:\/\/wncen.com\/2019\/01\/09\/monero-privacy-coins-criminals\/\">XMR<\/a>,&#8221; also noted that the convergence and potential subsequent divergences of two moving averages, the overall market structure, and the timing of buy-side and sell-side influxes, could be accentuating impending moves to the upside.<\/p>\n<p>Filb and Bag aren&#8217;t the only industry commentators to have observed eerie, even scarily accurate parallels between previous drawdowns in Bitcoin&#8217;s history and the current one.<\/p>\n<p>Alex Melen, an American entrepreneur with a budding passion for cryptocurrencies, recently noted that the last time that BTC crossed under its four-day 50 and 200 moving averages, Bitcoin bottomed. And as the same occurred in mid-November, Melen touted confidence.<\/p>\n<p>Trader Jones, a crypto-centric businessman, noted that current\u00a0Relative Strength Index (RSI) readings and chart structures are similar to those seen in early-2015, echoing the comments made by Filb.<\/p>\n<p>While this is all well and good, some have used historical analysis to tout bearish sentiment. Princeton graduate Murad Mahmudov is the best example. The well-respected crypto trader,\u00a0who has been dubbed the &#8220;Parabolic Trav of the 2018\/2019 bear market,&#8221; has noted on multiple occasions that past price action may indicate that $1,700 is a near-term possibility for Bitcoin.<\/p>\n<p>As <a href=\"https:\/\/wncen.com\/2019\/01\/31\/crypto-analyst-bitcoin-could-wick-down-1700-in-june\/\">reported<\/a> by <em>NewsBTC<\/em> on a previous date,\u00a0citing historical trends, technical levels, and underlying fundamentals, BTC could enter a period of &#8220;<a href=\"https:\/\/wncen.com\/2019\/02\/06\/prominent-analyst-identifies-bitcoin-buy-and-accumulate-zones\/\">hell<\/a>&#8221; in spring 2020. After divulging an array of details, the analyst concluded that he explained that Bitcoin\u2019s \u201csteady support\u201d will be found at an MA300 of around ~$2,400. However, he made it clear that Bitcoin could \u201cwick down\u201d to as low as MA350~400 in the $1,700 range, \u201cdue to past patterns and how particularly overstretched the 2017 bubble was.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bottom Q2 2019<br \/>No Bull Run till Q2 2020<\/p>\n<p>&mdash; Murad (@MustStopMurad) <a href=\"https:\/\/twitter.com\/MustStopMurad\/status\/70790144?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 10, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>The $333,000+ BTC Forecast<\/strong><\/h2>\n<p>Filb&#8217;s recent quip comes after he issued an extensive tweet storm about why it isn&#8217;t illogical to believe that Bitcoin could eventually surpass <a href=\"https:\/\/wncen.com\/2018\/12\/28\/bitcoin-breach-333000-2023-why-this-prediction-isnt-crazy\/\">$333,000<\/a>.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-368061 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/shutterstock_687427123-1-e85.jpg?resize=753%2C502\" alt=\"\" width=\"753\" height=\"502\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/shutterstock_687427123-1-e85.jpg?w=3000 3000w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/shutterstock_687427123-1-e85.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/shutterstock_687427123-1-e85.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/shutterstock_687427123-1-e85.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/shutterstock_687427123-1-e85.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/shutterstock_687427123-1-e85.jpg?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/shutterstock_687427123-1-e85.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/shutterstock_687427123-1-e85.jpg?w=1140 1140w\" sizes=\"auto, (max-width: 753px) 100vw, 753px\"><\/p>\n<p>After combining data sets and crunching an array of numbers, the analyst <a href=\"https:\/\/wncen.com\/2019\/01\/22\/crypto-analyst-herd-comes-bitcoin-six-figures\/\">deduced<\/a> that\u00a0Bitcoin likely processes a minimum of 0.03% of all global financial transactions on any given day. Through the use of regression and statistical analysis, taking the swelling worldwide debt sum of $274 trillion and combining it with BTC\u2019s current level of adoption, Filb determined that a fair valuation for Bitcoin is ~$74 billion.<\/p>\n<p>While this indicates that BTC is currently fairly valued, Filb explained that the crypto asset will continue to see its use swell in the years to come. In fact, harnessing data from the Internet industry&#8217;s cycles, it was revealed that if all pans out for Bitcoin, $333,000 could just be in the cards.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is the next frontier. No technologies have gone where crypto assets and related innovations are heading. Yet, within this space, reoccurring patterns have been observed, even though the movement of industry fundamentals, chart technicals, and social metrics seems sporadic and unpredictable. This theme was only cemented recently, as a leading cryptocurrency trader divulged that eerie lines can be drawn between 2014\/2015&#8217;s bear season and the one seen today. Related Reading: Crypto Trader Adamant That Bitcoin Bear Market \u201cCannot Last Forever\u201d Bitcoin Could Rally Into 2020 Halving The day-to-day valuation of BTC may seem to come straight out of left field. But some would beg to differ. Over Bitcoin&#8217;s decade-long history, the asset has gone through a number of so-called &#8220;boom and bust cycles.&#8221; Although the numbers and timelines involved in these multi-year moves seem entirely non-correlated, with the difference between the peaks of 2014&#8217;s and 2017&#8217;s parabolic rallies amounting to $19,000, some would argue that this budding market has an extremely slow, yet ever-present heartbeat. Analyst Filb Filb recently issued a chart on TradingView that revealed &#8220;staggering pre-halvening similarities [between] 2015 [and] 2019.&#8221; BTCUSD:- STAGGERING PRE HALVENING SIMILARITIES 2015 VS 2019 &#8211; #BLX chart https:\/\/t.co\/T95q2nKpec &mdash; filbfilb (@filbfilb) February 10, 2019 The chart in question outlined the U.S. dollar value of BTC from mid-2014 to current, while also doing its best to predict future price action. According to Filb&#8217;s drawn lines, BTC may have already established a long-term bottom at $3,150 in mid-December, when the asset briefly moved under its a key moving average. Interestingly, the same series of events occurred when the flagship cryptocurrency bottomed in 2015, a year and a half before 2016&#8217;s halving. And as such, if history rhymes, not repeats, over the next 441 days starting February\u00a018th, Bitcoin may begin to embark on a recovery, potentially reaching $10,000 just before the halving. Other traders expressed bullishness in response to Filb&#8217;s optimistic chart. One trader, the so-called &#8220;bag of XMR,&#8221; also noted that the convergence and potential subsequent divergences of two moving averages, the overall market structure, and the timing of buy-side and sell-side influxes, could be accentuating impending moves to the upside. Filb and Bag aren&#8217;t the only industry commentators to have observed eerie, even scarily accurate parallels between previous drawdowns in Bitcoin&#8217;s history and the current one. Alex Melen, an American entrepreneur with a budding passion for cryptocurrencies, recently noted that the last time that BTC crossed under its four-day 50 and 200 moving averages, Bitcoin bottomed. And as the same occurred in mid-November, Melen touted confidence. Trader Jones, a crypto-centric businessman, noted that current\u00a0Relative Strength Index (RSI) readings and chart structures are similar to those seen in early-2015, echoing the comments made by Filb. While this is all well and good, some have used historical analysis to tout bearish sentiment. Princeton graduate Murad Mahmudov is the best example. The well-respected crypto trader,\u00a0who has been dubbed the &#8220;Parabolic Trav of the 2018\/2019 bear market,&#8221; has noted on multiple occasions that past price action may indicate that $1,700 is a near-term possibility for Bitcoin. As reported by NewsBTC on a previous date,\u00a0citing historical trends, technical levels, and underlying fundamentals, BTC could enter a period of &#8220;hell&#8221; in spring 2020. After divulging an array of details, the analyst concluded that he explained that Bitcoin\u2019s \u201csteady support\u201d will be found at an MA300 of around ~$2,400. However, he made it clear that Bitcoin could \u201cwick down\u201d to as low as MA350~400 in the $1,700 range, \u201cdue to past patterns and how particularly overstretched the 2017 bubble was.\u201d Bottom Q2 2019No Bull Run till Q2 2020 &mdash; Murad (@MustStopMurad) February 10, 2019 The $333,000+ BTC Forecast Filb&#8217;s recent quip comes after he issued an extensive tweet storm about why it isn&#8217;t illogical to believe that Bitcoin could eventually surpass $333,000. After combining data sets and crunching an array of numbers, the analyst deduced that\u00a0Bitcoin likely processes a minimum of 0.03% of all global financial transactions on any given day. Through the use of regression and statistical analysis, taking the swelling worldwide debt sum of $274 trillion and combining it with BTC\u2019s current level of adoption, Filb determined that a fair valuation for Bitcoin is ~$74 billion. While this indicates that BTC is currently fairly valued, Filb explained that the crypto asset will continue to see its use swell in the years to come. In fact, harnessing data from the Internet industry&#8217;s cycles, it was revealed that if all pans out for Bitcoin, $333,000 could just be in the cards. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":368708,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6664,2887,3504],"class_list":["post-371016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-crypto","tag-market","tag-price"],"acf":[],"yoast_head":"\n<title>Analyst: Bitcoin Price Similarities To 2015 Bottom Is &quot;Unreal,&quot; What Could it Mean?<\/title>\n<meta name=\"description\" content=\"A leading crypto analyst claims that there are &quot;unreal&quot; similarities between today&#039;s Bitcoin price action and the bottom of 2014\/2015&#039;s downturn.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/analyst-bitcoin-price-similarities-to-2015-bottom-is-unreal-what-could-it-mean\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst: Bitcoin Price Similarities To 2015 Bottom Is &quot;Unreal,&quot; 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