Bitcoin Price Targets at Bottom Show That Crypto Markets Are Unpredictable
May 29, 2019 @ 13:45 UTC
As Bitcoin price inches closer to $10,000, the market is still showing signs of disbelief due to the speed and power at which Bitcoin rose out of the depths of the bear market. No one expected the crypto asset to spike so strongly following the longest bear market on record.
The price targets thrown around by crypto investors around the time the bottom was put in – around mid-December – clearly display just how unpredictable the crypto market is, as no one at all was calling for Bitcoin to breach $6,000 and so quickly be knocking at $10,000’s door.
Also around that time, recently capitulated crypto investors began targeting far below the Bitcoin bottom of $3,150 and had been looking for prices in the $2,000 range, with some calling for $1,000 or lower.
Collectively, most investors didn’t see Bitcoin breaking above $6,000 anytime soon, and certainly no calls for $8,000 or above. Most assumed Bitcoin wouldn’t start a new bull market for at least another year. The entire rally has shocked investors across the board, suggesting that the crypto market is just edging its way out of the disbelief phase.
What comes after disbelief is new hope, followed by optimism. After that the bull market will help guide the price of cryptocurrencies high once again, and the cycle will reach full-blown euphoria once again.