Irrational. Bitcoin could fall to $800 - page 5.

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: Herbert2020 on March 04, 2019, 01:20:52 AM

that is not called "bear market irrationality", that my friend is a clear case of FUD from people who want to either short bitcoin right now or have some open low bid orders that they are getting desperate to fill. drawing some meaningless lines on a chart doesn't make it any better either. unfortunately they benefit from the fact that most people don't even know what TA is and when they see lines on a chart think that is it Cheesy

Could be, but the account has like 2k followers lmao. I find it more likely that he just wants more attention towards himself. Looks like he achieved it too, though I have no idea why crypto news outlets would want to pick up predictions from a basically unkown entity. Must be a slow news day just like it has been for the past couple of months lol.

davis196

hero member

Activity: 3164

Merit: 937

800 USD bitcoin price is absolutely possible.We are in the hands of the crypto whales and the HODLers.
If they decide to sell,the price goes unser 1K USD for sure(which isn't always bad).Even if the price falls to 800 USD,I still believe that it can reach a new ATH somewhere around 2021.

Herbert2020

legendary

Activity: 1946

Merit: 1137

that is not called "bear market irrationality", that my friend is a clear case of FUD from people who want to either short bitcoin right now or have some open low bid orders that they are getting desperate to fill. drawing some meaningless lines on a chart doesn't make it any better either. unfortunately they benefit from the fact that most people don't even know what TA is and when they see lines on a chart think that is it Cheesy

besides this is 2015 all over again. back then people were calling for $50 and lower. we even had our very own duck who only sang the doomsday song for bitcoin.

elda34b

sr. member

Activity: 910

Merit: 351

Seems like bear market really hurt a lot of people. I've been looking at some serious or probably hyper negative scenario when somebody even predict Bitcoin could reach $100 this year. It's quite fun to read actually, not saying I believe their theories because 19:20 prediction is always wrong. I don't know why people keep posting stuff like this, unless they want to cause panic so more people will sell while they can buy cheap.

adaseb

legendary

Activity: 3808

Merit: 1723

These $800 predictions are just as crazy as the people predicting $50K or $100K or $1,000,000 bitcoin.

I looked at the chart posted, sure it "could" happen but so could hundreds of other scenarios. Basically TA is at best maybe correct 50% of the time under certain scenarios such as strong bullish or bear market trends. Usually when you are looking at a chart in that scale, its very difficult to predict what will happen.

If they are so certain it will hit $800, then they should just go short 100x and make millions of dollars in doing so and cover their short at the $800 mark and go long.

jseverson

hero member

Activity: 1834

Merit: 759

One of the responding tweets sum up exactly what I feel about this:

Quote from: https://twitter.com/TeamSteemLive/status/1102134423103795200

You decreased by the same amount not a proportional amount. This isn't a mirrored price action.

I don't think $800 could be ruled out considering the market's unpredictability, but I don't think there has been any indication that such a hefty drop would be likely. He probably just wanted to grab some attention, which he was able to do.

cellard

legendary

Activity: 1372

Merit: 1252

Yeah all these ridiculous sub $1000 predictions are pilling up which makes me consider that we may have already bottomed. It seems to be popular these days, with guys like Tyler Jenks promoting his "hyperwave" thing. Reminds me of the 2014 days with people predicting sub $100 prices. When those news and videos start getting tons of clicks it's pointing at it now happening. All those guys waiting for sub $100 prices fucked up and missed the boat, they were the ones FOMOing back in to not miss the rocket.

I was myself expecting sub $3000 prices for a final bottom but all those sub $1000 guys point at a really close bottom, to the point that it's becoming an insane gamble to just not buy in already. What does it matter if you get in at $3000 or $1000 when we are going to $100k anyway.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

The cryptospace appears to be beginning to spread bear market irrationality. According to this clickbait news, an up and coming analyst that hides behind its twitter account name Financial Survivalism, bitcoin could drop to $800 if it fails to surmount a declining trendline at $4600.

I reckon the people who controls that Twitter account should talk to the now rational Tom Lee for advice hehehe.

Also, this news might be a scam effort to gain more followers for that account which might also be controlled by newbtc.com. I might also be irrational in this, however hehehe.

In any case, who owns newsbtc?

Another day, another foreboding piece of analysis. A leading analyst claims that as Bitcoin (BTC) has yet to break out of its current range, there’s a growing potential that the cryptocurrency could fractal, and undergo a drop that looks much like that seen in November of yesteryear.

Financial Survivalism, an up-and-coming analyst centered around Bitcoin, recently took to Twitter to issue a harrowing comment. He noted that the longer than BTC fails to surmount a long-term declining trendline at ~$4,600, the higher likelihood that the cryptocurrency’s price could “mirror the price action from September 20th to November 25th of last year.

Per the analyst, this would mean that BTC could trade flat for another two to three months, before falling dramatically to the $800 price point. This, of course, is a worst-case scenario, but Survivalism does allude to a good point about market cycles and behavioral finance.

Read in full https://www.newsbtc.com/2019/03/03/bitcoin-collapse-800-late-2018s-plunge-mirrored-crypto-analyst/

Topic: Irrational. Bitcoin could fall to $800 - page 5. (Read 849 times)