To ring in the new year, Tone Vays, a former institutional investor turned Bitcoin (BTC) diehard, brought on Princeton graduate Murad Mahmudov, a leading cryptocurrency analyst and economist, to discuss the current state of this nascent market. As the debate/friendly discussion was over 130 minutes long, there was a mass of intriguing information contained in this episode of On The Record. But as made apparent in a pseudo-transcript compiled by Twitter user “Astatine,” the two prominent crypto traders made it clear that they still see a strong future for Bitcoin.
Bitcoin Hasn’t Bottomed Just Yet
Since Bitcoin began to capitulate in late-2017, as investors pulled out of the crypto industry en-masse, long-term believers and value investors have sought to time the bottom. Yet, over one year later, after BTC lost 80% of its all-time high value, common Joe investors still can’t clearly discern of cryptocurrencies have found a floor to stand on. Yet, Vays and Mahmudov aimed to answer this pressing question, which has plagued the waking hours of crypto’s most astute investors for months on end.
Mahmudov claimed that BTC is still in the process of finding a long-term foothold, explaining that the world’s first cryptocurrency is most likely to bottom with the $1,800 to $2,400 range. For some perspective, a $2,000 price level will require the Bitcoin price to drop an additional ~50% from current prices — not the end of the world, but a dismal move nonetheless. Explaining this short-term bearish call, the trader noted that while he’s 100% sure BTC won’t fall under $1,000, arguably the most pertinent psychological support level, the true bottom isn’t in.
Mahmudov, who hinted at his intent to launch a crypto-centric hedge fund in the near future, noted that a number of altcoins, like Ether (ETH), EOS, XRP, among others, are still drastically overvalued, especially considering their often misconstrued value propositions.
Interestingly, Mahmudov’s bottom call didn’t line up Vays’, nor forecasts touted by his fellow, well-respected crypto traders. Vays, for instance, said that there’s a 30% chance that BTC has bottomed, before adding that there’s a 40% chance BTC could fall to as low as $1,000 to bottom.
Per previous reports from NewsBTC, Filb Filb, a long-term Bitcoin permabull and one of Mahmudov’s analyst peers, revealed that according to historical market trends and cycles, Bitcoin could floor anywhere between $2,500 and $3,100 from now until early-2020. Anthony Pompliano, the founder of Morgan Creek Digital Assets, also claimed that BTC could easily fall below $3,000, especially as the chance remains that the VanEck-backed Bitcoin exchange-traded fund could get denied by America’s regulatory incumbents.
And while analysts’ forecasts are varied, a theme common in all their predictions is that BTC likely…
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