Bitcoin Price Prediction

What? Bitcoin Could Hit $1,165 Prior to $10,000

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.

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.

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.