Bitcoin Could Be Looking At A Major Bullish Plunge Says Pompliano

BTC Wires: Founder and partner of Morgan Creek Digital Assets, Anthony Pompliano has lashed out a prediction that could stir the Bitcoin community as well as the entire cryptosphere. Pompliano mention that Bitcoin could be looking at a near fall which could drag it down straight to a hellish standing of about $3000. Many blockchain dignitaries and influencers are speculating that if this prediction comprises any significance, the market could be experiencing one of its most bullish positions.

Pompliano even went on to comment on his former prediction in January about Bitcoin seeing a year end of $500,000 to be way of the mark. Further, in a prediction by founder of Morgan Creek Digital Assets- Mark Yusco, he made claims of Bitcoin’s year-end prices touching $25,000. This was followed up by a subsequent prediction that saw Bitcoin oaring at $500,000 by 2014. However, upon further review of these ambitious standing predictions, Pompliano had this to say:

“Parabolic increases in price continue to take longer — each parabolic run is measured from the last all-time high to the new all-time high. The first rapid price appreciation took just over 300 days (2010-2011) and the second took over 900 days (2011-2013). The last parabolic price increase peaked at ~$20,000 (2013-2017) and took almost 1,500 days to complete.”

Pompliano added to this by commenting that Bitcoin might even not see any significant rises until 2023 due to an extrapolating trend. The calculated distance as per the prediction, since Bitcoin’s last rise is thus set at about 2,000 days, which could mean serious trouble for several investors.

A quick background check and research provides the following data:

  • The first bear trend lasted for approximately 160 days (2011)
  • The second bear trend lasted approximately 400 days (2013-2014)

Based on the aforementioned data, the current bear trend is predicted to continue for a total of about 650 days. This prediction has exceeded the currently anticipated claims of Bitcoin’s next hike not happening before the 3rd quarter of 2019. Pompliano terms that this period could be that of “pain and discomfort” for investors. In context to his former prediction, he adds:

“It is never fun to admit that you were wrong about something you said publicly. However, it is important to constantly test your own assumptions and beliefs. As I’ve tested myself over the last few weeks, it became obvious that I needed to gather better data and rebuild the prediction model.”

However so, the positive take away from this could be that Pompliano still thinks that Bitcoin bulls will push limits to position of $500,000 by 2022 or 2023. His advice to investor is hence to brace themselves and be wise with their investments.