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Bitcoin Latest Update: Bitcoin (BTC) Will Bottom Between the $1,800 and $2,400 Levels

In a recent discussion, former institutional investor turned
Bitcoin (BTC) bull Tone Vays, invited Princeton graduate Murad Mahmudov, who is also a
crypto-centric and economist, to debate on the present state of the crypto
market. During the debate/friendly
discussion, there was a large amount of intriguing information on this of The
Record. According to the pseudo-transcript compiled by Astatine a Twitter user,
the two renowned crypto enthusiasts clearly stated that they believe top
digital asset Bitcoin (BTC) has a strong
future.

Bitcoin (BTC) Price Today – BTC / USD

We Can’t Say Bitcoin Has Bottomed Yet

It is now over one year since Bitcoin recorded its all-time
high. Now thirteen months later BTC has lost 80% of its value. Yet investors can’t clearly discern if Bitcoin (BTC) and other cryptocurrencies have
found a solid foundation yet. Both Vays and Mahmudov tried to give an answer to this pressing issue that has
given crypto’s most reliable investors concerns for many months.

According to Mahmudov, Bitcoin (BTC) is in the process of
getting a long-term foothold. The top digital currency is likely going to
bottom at the $1,800 to $2,400 levels. In theory, a $2,000 rate level is going
to require the price of the Bitcoin (BTC) to drop by an additional 50% from the
current price which will be a dismal
shift. To explain this theory in the short-term bearish pattern, Mahmudov noted
that while he remains 100% positive that the Bitcoin (BTC) price won’t drop
below the $1,000 level, the true bottom
isn’t in the most pertinent support area.

Filb Filb: Bitcoin (BTC) Could Floor Around $2,500, and
$3100

As per previous reports from the media, one of Mahmudov’s
analyst peers and long-term Bitcoin bull
Filb Filb, revealed based on historical market trends, that Bitcoin (BTC) could
bottom around $2,500 and $3,100. According to the founder of Morgan Creek
Digital Assets, Anthony Pompliano, Bitcoin (BTC)
could fall below $3,000. This is possible because chances are high that the VanEck Bitcoin
exchange fund would not meet America’s regulatory requirements.

What’s Next For Bitcoin (BTC)?

While Mahmudov remains bullish about a market bottom, the
crypto-centric clearly stated that on the long-term, he remains bullish on
Bitcoin (BTC), along with the potential of its underlying technology to revolutionize global finance. Additionally,
Mahmudov is also bullish to the point
that he wouldn’t spend Bitcoin (BTC) for at least a decade due to the asset’s
upside and asymmetric risk profile making using it at current rates a nonsensical
approach.

Regarding why he remains a “HODLer
of last resort,” Mahmudov noted that the Bitcoin fixed supply issuance schedule
would grow into billions of USD as time
passes.

He also added that following his model, which puts close to
twenty fundamental factors under consideration, including the issue of supply,
we should expect a far bigger crypto in
2023 compared the boom of 2017. According to him, the boom from 2017 will be
relatively small compared to what is expected by 2023. Based on the analyst’s
fundamental factors, plus the fact that there are
$17 trillion worth of equity around the globe with more than $100 trillion
worth of currency forms and store of value’s, Bitcoin (BTC) has more than
enough room to initiate a run.


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