Is the Bitcoin (BTC) price bottom in? That’s the question on everyone’s mind. Bitcoin has been in a grueling bear market for over a year now and appears to have already reached a bottom, or is at least very close. Still, popular sentiment appears to be divided as to what the market bottom will actually be… we’ve been burned before, and we don’t want to get our hopes up.
Looking at price action, Bitcoin price’s has been hovering around $3,600 for most of 2019 after a steep decline from $6,000 to a low of $3,100 in November and December of last year.
Bitcoin Bottom in 2019?
While the market sentiment is largely divided as to where the Bitcoin bottom might be, if there’s one thing we can all agree upon: Bitcoin will find its bottom in 2019. This viewpoint seems to be shared by nearly everyone in the industry, including prominent thought leaders, technical analysts, and average investors.
For instance, Zhao Dong, a Chinese billionaire and one of the world’s largest over-the-counter (OTC) traders for Bitcoin, believes now is the time to buy Bitcoin, according to a recent article published by Forbes.
A contrary prediction to the one above comes from the prominent technical analyst, Tone Vays, who believes Bitcoin’s price bottom will be found in 2019 but hasn’t happened yet. As he expounds on in the video below, Vays believes the Bitcoin bottom will be $1,300 or even lower.
Partially agreeing with Vays is Anthony Pompliano from Morgan Creek Digital Assets, who believes we are very close to finding a bottom, but believes it will be somewhere below $3,000. Mike Novogratz has also been quoted saying he believes we have already reached, or are very close to, Bitcoin’s price bottom.
Bitcoin Price Prediction: Poll Results
Since the crypto industry is so divided as to what Bitcoin’s price bottom will be, we asked the Invest in Blockchain community what they thought in a Twitter poll.
On Twitter, a total of 222 people voted. 41% said we are at the bottom, 32% said the bottom will be $2,800, 15% said it will be $1,500, and 12% believe the bottom will be found below $1,000.
Price Prediction 📊
What will be the $BTC bottom?#Bitcoin #Cryptocurrency
— InvestInBlockchain.com (@iiblockchain) February 7, 2019
Interestingly, the majority of people, 59%, believe Bitcoin’s price bottom has not yet be found and is headed for lower prices, while 41% believe it has already bottomed. Something to keep in mind is that top analysts and traders say that statistically speaking, 95% of people will be wrong about when a bottom is reached.
Therefore, if the majority of people believe we are going lower, it’s likely that Bitcoin’s bottom is already in.
Do you think we have reached Bitcoin’s price bottom? If not, how low do you think Bitcoin will go? Let us know what you think in the comment section below.
