Bitcoin price predictions have been ever-present in the cryptocurrency industry since its early beginnings and have been especially popular since the rise of cryptocurrency Twitter. While there have been too many to keep track, some predictions have been successful in going viral and have remained lodged in the cryptocurrency sphere, still being mentioned to this day.
One such prediction that went viral was made by @22loops. While we do not think the exact date is correct, we believe the price is likely to make a bottom soon, making it a relatively accurate prediction, especially considering the time when it was made.
The date proposed for the bottom was October 24, 2019, which is today.
BITCOIN BOTTOM 24 OCT 2019
— Looposhi (@22loops) January 4, 2019
Let’s look more closely and see the prediction was validated, and if not, how close was he to being correct.
The tweet was made on January 4, marked by the yellow arrow.
However, the actual low was reached on December 15, when BTC was trading at $3148.
Afterward, the price began an upward move, in which it increased by more than 300%.
The upward move, however, ended on June 26 and the price has been decreasing since.
However, the prediction did not specify whether BTC was to make an absolute or relative low.
If we are trying to predict the absolute low, even the December $3174 low does not count, since the price was trading below this level less than 1.5 years ago, in September 2017.
Therefore, let’s assume that the prediction was for the low of the correction beginning on June 26, 2019.
Looking at the Bitcoin price movement since 2011, we can draw curved trendlines to limit the scope of price movement.
Judging by the position of the support lines and proximity to halving dates (vertical lines), the December 2018 bottom is likely to coincide with that in August 2015.
As is visible below, the price often consolidates before halving, trading close to the ascending support line.
Therefore, we would expect the price to make another low close to the support line.
However, since the support line is ascending, based on when the price touches it, this value can be higher than $7500, the current day’s price.
We went into more detail when this might occur here.
However, looking at the daily movement, we still believe that the price is likely to make a lower low inside the descending wedge it has been trading in.
This would place the eventual bottom in the low $7000s.
To conclude, judging by the proximity of today’s price with our projected low we can say that the prediction made in January 2018 was relatively accurate.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of Shutterstock, TradingView.
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