Avi Gilburt, famous technical analyst and founder of the ElliotWaveTrader.net platform, has presented his latest forecasts for the future of Bitcoin (BTC).
After a nine-month bear market that has brought assets back to their current level from $19,000, the Bitcoin crash – in percentage terms at least – has outstripped that of the original internet bubble.
Gilburt, however, believes that there will be a further drop. Presenting his analysis of price trends over the past nine months, he has predicted a new floor of $4,700. Nonetheless, he expects a subsequent recovery with prices then ranging between $5,000 to $6,000 range for a period of time thereafter.
Gilburt has not explicitly specified time frames for his prediction, however, but his graphing analysis appears to project the new low for around mid-December of this year. However, he has also pointed out that mitigating factors could lead to a second slowdown and a lower floor of $3,000.
Research company Fintech Trefis, on the other hand, has predicted a value of $8,500 for Bitcoin by December, once again highlighting the divisive – and perhaps subjective nature – of technical analysis as its own field of study.
Short-term Developments
Subjective or otherwise, a number of short-term developments are expected to affect BTC price movements in the near term.
Among these are signs of further Chinese regulation of crypto markets operating on its territory, an upcoming decision by the U.S. Securities and Exchange Commission (SEC) on Bitcoin ETFs, the emergence of BTC custodial services spearheaded in part by Coinbase, and increasing participation in the CME and CBOE futures markets – which appear to have been something of a double-edged sword for Bitcoin HODLers since their first introduction in late December.
After a 3% 24 hour drop inspired by what appears to be a run on Ethereum, BTC is now holding at just under $6250.
