Financial Survivalism recently remarked that from his point of view, Bitcoin could fall to $1,165 in the near future, citing the so-called “Hyperwave” form of price analysis.
The Bitcoin proponent and self-proclaimed “financial revolution prepper” even remarked that if the flagship cryptocurrency reaches Phase 1 of its Hyperwave formation, then it could rapidly spike under that level in a wick.
@MustStopMurad is calling for a bottom in #Bitcoin in the $1,600 – $2,300 area. I'm calling for a return to Phase 1 of the #Hyperwave at $1,165 & could see it spiking even lower.
I proposed a 0.1 $BTC bet & Murad accepted! Terms are $1,165 gets hit on Bitstamp before $10,200. pic.twitter.com/rJemdn8rhw
— Tyler D. Coates (alphαnalysis.io) (@Sawcruhteez) February 15, 2019
He was very positive on Bitcoin hitting that price point, which is 68% lower than the current levels. He even took up a wager with a leading crypto analyst and partner, Murad Mahmudov, at Adaptive Capital that anticipates this market to reach a bottom in April/May.
As indicated by Survivalism’s tweet, he bet 0.1 BTC, which is valued at USD 360 at current, that the flagship cryptocurrency will reach $1,165 on Bitstamp before $10,200.
Though this sum is not a large amount, the two notable analysts wanted to put their reputations and pride on the line for this wager.
In a separate chart, the analyst drew attention to the other technicals and trends indicating Bitcoin could fall lower from current levels. More specifically, he drew lines between 2014/2015’s bear season and the one that the cryptocurrency space is embroiled in.
In the previous bear market, the Survivalism noted, Bitcoin entered a so-called “Adam and Eve” formation for a temporary upside breakout to test the 200-day exponential moving average, but fell lower in that cycle’s last bout of capitulation.
Here is the macro chart which I am following most closely. Has been progressing very nicely over the last couple weeks. Notice how we had a similar Adam & Eve pattern in the 2015 bear market that provided a dead cat bounce which was quickly rejected by the 200 EMA. $BTC #Bitcoin pic.twitter.com/y7MCIf73ql
— Tyler D. Coates (alphαnalysis.io) (@Sawcruhteez) February 15, 2019
As Bitcoin chart entered an Adam and Eve formation, Survivalism claims that history may rhyme, which means that the asset could first retest $5,500 before embarking on a move to establish lower lows.
In fact, the analyst revealed that if history actually rhymes through this chart, then $732.84 for each BTC could ultimately be in the cards.
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