A former World Bank economist and partner at Lucid Investment Strategies is making the case for Bitcoin’s possible return to $1,000.
In August of last year, Leah Wald dropped a post saying the firm’s Hyperwave theory, which analyzes boom-bust cycles to identify four distinct moves up and three steps down, signaled a potential Bitcoin drop down to $1,000. Now that BTC is back in the $8,000 range, Wald says the odds of Bitcoin plummeting down to $1,000 are now lower, but still possible.
“The BTC Hyperwave is still in effect until a new all time high is reached. The recent price action has decreased the chances of returning to $1,000 but that target is not invalidated until a new all time high is established…
Remember that Cash is king unless an asset class is trending UP and that only long term trends are fit for investments. We remained in cash as long as the long term trend was DOWN, we will continue buying as long as it remains UP.”
In a new tweetstorm, Wald points to the once parabolic rise and fall of sugar as an example of a market that hit huge all-time highs, crashed and then surged back up before once again dropping to its base.
16/ Sugars price got within a whisker of returning to Phase 1, and then rallied back to near ATH territory, before selling off all the way back down to Phase 1. Just because the trend is turning bullish, the HW Phase 1 target is not invalidated until a new ATH is created.
— Leah Wald (@LeahWald) May 21, 2019
Right now, the crypto markets are a sea of red. Bitcoin is down 3.54% at $7,804 according to COIN360. Ethereum is down 5.29% at $247.34 and XRP is down 5.44% at $0.3805.
Technical analysts are seeing mixed signals on where Bitcoin and the crypto markets at large are heading.
Blockonomi – Ether dips could present buy opportunity
Coinspeaker – XRP/USD consolidating on the short-term outlook
Blockonomi – XRP facing risk of another drop before moving higher
CoinCodex – LTC in consolidation after epic 84% surge
Blockonomi – Litecoin now showing signs of weakness
Bitcoin Cash, Binance Coin, EOS, Stellar, Cardano, Tron, Bitcoin SV