Thus far the price of Bitcoin (BTC) has held above the $3,000 level, after being tested several times over the past couple of months. Many traders believe Bitcoin has already reached a bottom of around $3,100, as the $3,000 range is a key psychological price point that has yet to be broken.
However, while this theory has undoubtedly gained traction among traders, investors, and members in the industry, a number of prominent individuals believe we will see Bitcoin break $3,000 and find new lows.
One such individual is Anthony Pompliano from Morgan Creek Digital Assets, who believes a Bitcoin bottom is near, but will be below $3000.
Sharing Pompliano’s view is the well-known crypto trader and analyst, going by the Twitter handle, “The Crypto Dog,” who recently claimed he wouldn’t be surprised if Bitcoin and Ethereum dropped another 50% from current prices.
“$1800 BTC and $50 ETH Wouldn’t Surprise Me”
The Crypto Dog, who has over 100,000 followers on Twitter, recently tweeted that an $1,800 BTC and $50 ETH price isn’t out of the realm of possibility. Along with this, he said he doesn’t necessarily expect these prices to be met but wouldn’t be surprised if they did.
I don't know for any certainty we'll see those prices, nor do I mind if we reach them or not.
If you're in $BTC for the long haul, DCA. If you're learning to trade, just survive. Keep your risk low, gains will be easier someday.
— The Crypto Dog📈 (@TheCryptoDog) February 5, 2019
In the Twitter thread following the tweet, The Crypto Dog acknowledged followers calling for a $1,200 Bitcoin, stating that he believes this is highly unlikely, as this level was the peak of the 2013 bull market and catalyzed 2017’s parabolic rally.
Backing up his most recent call, The Crypto Dog cited a tweet of his from December 2018 stating:
“It is my opinion that Bitcoin is in the final stages of this bear market. I expect the price to range between an absolute low of $1,800 to an absolute high of $6,200 (more likely, $3,000-5,400) for a substantial period of time.”
Optimism Still Remains
Despite calling for such low Bitcoin and Ethereum prices, The Crypto Dog remains optimistic. In his recent tweet, the prominent crypto trader and analyst reassured his followers that if they are learning to trade, put your focusing on just surviving this bear market, as gains will come easier in the future.
As well, in his tweetstorm back in December, The Crypto Dog made multiple bullish points, summing up:
What do you think the bottom price for Bitcoin (BTC) and Ethereum (ETH) will be? Or have we already reached a bottom? Let us know what you think in the comment section below.