A crypto analyst is crunching the numbers to determine how high a new Bitcoin bull run could take the price of BTC.
Using historical data on previous boom and bust cycles of Bitcoin, $carface told his 21,000 followers on Twitter that each time Bitcoin has crashed 70% or more, the next peak has been 5.1-16.89 times above the previous all-time high. If that happens again then the next all-time high will land between $102,000 and $336,000.
https://twitter.com/TraderScarface/status/1101747345249656832
The crypto markets are trading sideways this weekend. Bitcoin is currently up 0.17% at $3,842, Ethereum is down .058% at $132, and XRP is down 0.25% at $.03144, according to the price tracker Coin360.
Meanwhile, crypto analyst Willy Woo says Bitcoin is facing a pivotal moment, cautioning traders that BTC could be on the verge of another pullback. Woo told his Twitter following of 86,000 people that the current sideways trading and indecisiveness of the market could point to a coming drop in the price of BTC.
If Bitcoin battles through the sideways trading without a major pullback, Woo says that would support the argument that the bottom is in.
The last time the market was more indecisive was at the start of 2018. Zones of minimal Long + Short positioning have historically coincided with bearish price action during bear markets (opposite is true for bull markets). When undecided, "the trend is your friend" prevails. pic.twitter.com/xwAkXrqKI3
— Willy Woo (@woonomic) March 3, 2019
Yes, could also support the idea of an end of bear market / reversal if it doesn't play out. But mainly it's a trading signal. I'd want a bevy of long range fundamental indicators (on-chain based) to agree before calling a bottom. Not quite there yet, but getting a lot closer.
— Willy Woo (@woonomic) March 3, 2019
Technical analysts are also looking to the week ahead for Ethereum and XRP. NewsBTC says XRP is preparing for its next break, with ETHNews forecasting a crucial juncture for Ethereum this month.
According to Cointelegraph’s latest price analysis overview, Bitcoin bulls need to bring BTC above $3,900 or risk a slump down to $3,355.
That same review says bulls will have to bring the price of ETH above $145 to avoid a break down, and notes the price XRP needs to push above 0.3310 to trigger a run to 0.4000.
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