As Christmas approaches, Bitcoin is even stronger
By Christmas, Bitcoin (BTC) even strengthened on December 18. After swooping away to US $ 6,559, the Crypto Asset King surged at night to US $ 7,337, exceeding the level on December 14, 2019.
Speculation indeed tends to strengthen momentarily until the morning of December 19 last. After that the BTC fell back to US $ 7,034, then moved sideways relatively at US $ 7,187. The highest volume was recorded in the uptrend area on the night of December 19, then declined towards the sideway.
The dynamics of the price of Bitcoin in the kick, with a significant increase on December 18, 2019 ago.
The strengthening seemed to dismiss the concerns of a number of parties, that the BTC could collapse up to US $ 6,000. However, this new strengthening still holds the potential for a strong decline to that psychological level.The year 2019 is almost over, but Bitcoin (BTC) is no longer able to exceed the price of US $ 13,000 (end of June 2019). Bitcoin is indeed sluggish. But, not a few of them who believe, that Bitcoin can reach US $ 250 thousand, in the future.
As stated by Robby, the founder of Rekeningku.com some time ago, historically, when Christmas arrived, the price of Bitcoin tended to decline, because a large number of Bitcoin owners made sell offs.
"I think, if the price is able to break below the price channel and support level, which is US $ 6,000, then the price of Bitcoin has the potential to continue to fall. I agree, that traders must pay attention to psychological levels at US $ 6,000. Even historically, when December, before Christmas Day, many investors are cashing out. So, Bitcoin has the potential to continue to drop at least IDR 90 million-85 million per BTC,"
Previously, Peter Brandt, a technical analyst from the United States, said that Bitcoin has the potential to go down to US $ 4,500 in July 2020. It coincides with the moment Bitcoin Reward Halving.
According to Peter, the biennial cycle of parabolic motion is true based on historical data. Brandt instead believes, that later Bitcoin can reach US $ 100,000, if the crypto assets are still following the parabolic motion.
Draper's Team: Believe in Stock-to-Flow-Model (SF)
Draper Team Founder Draper Fisher Jurvetson for example, confirmed his forecast, that in 2022 Bitcoin could reach US $ 250,000 (Rp3.4 billion per BTC).
- "If you use technical analysis, then Bitcoin can reach US $ 250,000 about 6 months after Bitcoin Halving Reward. "The halving moment will occur in May 2020, making the supply of Bitcoin halved from 12.5 BTC to 6.25 BTC per 10 minutes," Tim told CNBC.
Draper refers to the stock-to-flow-model (SF) theory. The theory, commonly used for commodity assets, measures the level of asset scarcity, which is based on current stock and annual inflation. In essence, the higher the ratio, the more scarce an asset is considered. When assets are scarce, they will cause price increases. The current value of the Bitcoin SF is 25 and is expected to rise to 50 after the Halcoin Reward Halving, due to reduced supply.
While gold is also scarce, it currently has an SF ratio of 52 with unit prices per gram in the range of Rp. 700,000. But the price of gold itself, within a period of 100 years, has not been able to penetrate its two highest points, namely in June 2011 and February 1980. Since 2011 the price of gold has remained in a downward trend. However, the surge in gold prices often goes up within the range of 5-20 years.
Tom Lee also predicted that the price of bitcoin would reach US $ 250,000, but for different reasons. Lee uses the concept of the Logarithmic Ascending Channel. On the graph, the concept shows, that the price of Bitcoin has an upward (parabolic) pattern.
"If you use the y-axis logarithmically, there are different intervals (distances) between points on the y-axis, which allow you to compare Bitcoin prices when prices are low and high,"
Predictions are indeed prophecies. After all, this was not the only time the Team Draper and Tom Lee did it. In fact, they both had missed predictions several times, because the name is not always true.
One thing is certain, that the moment of Bitcoin Reward Halving in May 2020 is the determination of the value and belief in Bitcoin and a number of other crypto assets. If, we believe in the theory of "history often repeats itself, then at least Bitcoin can someday exceed the all-time high, above US $ 20,000.
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