A seasoned crypto analyst believes a little known technical indicator ‘flipping green’ heralds big things for Bitcoin.
Crypto analyst Josh Rager believes that Bitcoin’s bull trend has been confirmed, after the “Super Guppy” technical indicator flipped green.
The indicator combines moving averages to determine trends and key levels on a three day chart and Rager says the last time it went green, a 25 month long Bitcoin boom followed.
Bitcoin increased in price from $200 to $20,000 during the historic boom.
That’s an increase of 9900%. While we’re not predicting for a moment that percentage increase is ever going to occur again, just for fun *if it did*, then one Bitcoin would be worth $861,300.
The Super Guppy isn’t a super mainstream indicator, so your results may vary.
Bitcoin price performance may not equal future returns
Rager said in his pinned tweet on Tuesday that while the one day version of the indicator, the Guppy, can give “fake outs” the three day Super Guppy is a much more reliable indicator of an uptrend and signals investors were buying up the dips.
“I’ve been waiting for this for weeks to confirm the bull trend,” Rager said posting a chart.
$BTC: 3-Day Super Guppy Flipped Green
I've been waiting for this for weeks to confirm the bull trend
While the 1-Day Guppy can give fake-outs, the 3-Day is a nice signal for continuation and that dips are buying
The last time the 3D flipped green it led to a 25 month uptrend pic.twitter.com/fHwPs2EtSE
— Josh Rager 📈 (@Josh_Rager) May 28, 2019
Rager is not the only one predicting a wild price increase for Bitcoin.
Time Traveler and McAfee agree on $1m Bitcoin price prediction
Famed crypto lunatic/sage John McAfee has previously tipped a Bitcoin price of $1 million by 2020 and yesterday pointed out he had a credible source – the Bitcoin Time Traveler who has “never been wrong”.
The Bitcoin Time Traveler is a popular Reddit post from 2010 that has broadly called the price increases since.
The Time Traveler suggests the price is now increasing by a factor of ten every two years and is tipping $100,000 this year and $1 million in 2021.
Wiser heads revise Bitcoin price expectations downwards
Not everybody is cutting loose with fanciful predictions.
Wall Street veteran Max Keiser thinks Bitcoin is headed past $10,000 in the short term and may reach a new all time high of *only* $28,000.
“There’s very little supply between here and new ATH,” he posted following Sunday night’s 9% spike. “$28,000 still in play”
And Andy Cheung, head of operations at Malta-based cryptocurrency exchange OKEx, thinks $20,000 by year’s end is a “conservative prediction.
“$20,000 is a conservative prediction for Bitcoin price in 2019, as I said last year,” he said.
“The rally won’t stop here because more institutional investors are coming into the market, and the 2020 halving effect starts to take place.
“We are thrilled to witness such [a] bullish trend, and I look forward to a new high the bitcoin deserves.
“Bitcoin is not just a coin but a spirit that hinders the crypto-industry.”
(Hinders the crypto industry? Let’s hope that doesn’t happen.)
Price predictions are usually only right through chance
Crypto price predictions are usually wrong and mostly follow the direction of the market.
At the bottom of the bull market no one thought we’d hit $9000 so quickly.
Instead the predictions were for Bitcoin to head to $2000 or even $1000.
Predictions are useful for gauging sentiment.
Warren Buffet might know nothing about cryptocurrency, but his famous maxim “Be greedy when others are fearful,” suggests that when sentiment is that low, it would have been the best time to buy.
Investors are up around 130% so far this year.
Silicon Valley investor is tipping $500 or maybe nothing
There are a few long time Bitcoin bears though.
Famed Silicon Valley investor Jason Calacanis who helped Uber and Robinhood reach multi billion dollar valuations, predicts Bitcoin is going to crash HARD.
“My position remains the same. Bitcoin will likely be replaced by a new technology & it’s manipulated It’s possible it’s built to last, but not probable, so keep your position to an amount you’re willing to loose. For most, that’s 1-5% of net worth. It will likely go to 0-$500,” Calacanis noted.
He’s held this view for some time. In early 2018 he wrote in a blog post the crypto space was driven by “scams, FOMO and FOCO (Fear Of Cashing Out) which means it’s going to end very badly for a lot of people.”
My position remains the same. #Bitcoin will likely be replaced by a new technology & it’s manipulated
It’s possible it’s built to last, but not probable, so keep your position to an amount you’re willing to loose
For most, that’s 1-5% of net worth
It will likely go to 0-$500. https://t.co/8Bs4PGmiN5
— 🦄🦄🦄🦄🦄🦄🦄 (@Jason) May 27, 2019