Predicting the price of Bitcoin is a full time job for many people. The rewards are huge and as many have learnt, getting it wrong can be very costly. In this article, we will review the thoughts and Bitcoin price predictions of a number of charting Experts. Two of these analysts also have an extremely good fundamental knowledge of the Bitcoin and Crypto space also, namely Willy Woo and Tone Vays.
Table of Content
Who are the Experts when it comes to Bitcoin Price Prediction
We use a number of indicators within our team, but in the main the Hardforking team are not day traders of Bitcoin, preferring to take a longer term view. In saying that most have been day traders and some still are….the crazy ones. Some of the team are active in the OTC space, over the counter purchasing of Bitcoin. Other Hardforking members are miners and others are technical analysts. I am personally not holding Bitcoin or Cryptocurrencies at present and nothing in this article should be taken as financial advice. These are my opinions and reviews of expert opinion.
We have been in Bitcoin for a number of years and have invested huge amounts of time in this space. In doing so you get a very good understanding of where to get your information. Be sure to take advantage of our resources section. Let’s introduce you to some of our Expert price analysis sources of information, and then move into their predictions. In order to help you and not overload you with ideas, we have split this into three articles where we will introduce three different people, their analysis techniques and predictions in each article.
In my opinion Willy Woo is one of the best in this space. He combines a very strong technical and fundamental knowledge of Bitcoin and Crypto. What I like about his analysis is his excellent understanding of the macros and his ability to communicate often very technical concepts in understandable terms. His NVT analysis is something for you to look closely at. Great Bitcoin price analysis is out there if you know where to find it. You should check this guy out. His information is still free, but I do not see that lasting forever so check him out at https://woobull.com/ He is also very active on Twitter.
This statement from Woo immediately shows his position on this market.
“Store of value properties is what gives Crypto networks value, utility is overrated for the purposes of investment appreciation. Utility is a red herring for investors.
In the case of Bitcoin, its real utility is really just a bucket, it’s a bucket to store value. Make no mistake that the majority of asset value in the world is derived from players parking value into an asset for storage. Whether that be a house, a lump of gold, or even, to a lesser extent, stocks”
Woo goes on to say
“To hit this home in crypto… the rise of ETH was NOT from utility. It was NOT from users buying ETH to get Gas to fuel smart contracts. It was from ICO token treasuries parking their funds in ETH as a store of value.
Unfortunately for ETH, the ERC20 contract that opened the pathway for ETH as a store of value was inorganic. It forced ETH as the token to raise funds. It seemed good to keep funds in ETH as ICO mania pushed values up as more and more projects parked their treasuries in ETH. Easy up equals easy down. Treasuries bailed ETH cascading it down”
I would not describe Woo as a ‘Bitcoin Maximalist’ as he is a big believer in the Crypto space but his thoughts on ETH and the projects sitting on it are sobering.
Tone Vays will be familiar to many of you. He is full on Bitcoin Maximalist. I have followed him for a number of years, and watched him build a very successful brand and business as he flies to a new country every few days to run trading seminars on sequential trading. This trading method can be applied to anything, as most trading techniques can. What many people fail to realise is that this guy has thrown himself into the space for a significant period of time. He knows the key people in the industry, from core devs to Lawyers to the rival project leads. He takes a lot of abuse from people who are often too quick to attack him – very naively in my opinion. I think this guy really does know the market from many angles. I’ve had the pleasure of meeting him and getting to know him and I can assure you he is passionate about Bitcoin. In my opinion, he is an excellent source of information. You can find him on youtube here
Jenks is fairly new to the Bitcoin Price analysis scene. He first came on to my radar when I saw him making appearances on one of Tone Vays’ shows along with Leah Wald. She is also a good analyst. Jenks at first did not appeal to me much with his Hyperwave theory. I think I may have been overloaded with different indicators we were looking at and learning a new one didn’t appeal. I have included him in this first article on price prediction and analysis of the analysts. The reason is that as the more I follow his charting the more I see he may well have a very important and relevant indicator in his Hyperwave charts. More on that in this article. Jenks has years of experience running large funds, valued in the billions, and came out of retirement when it came to his attention that Bitcoin is in a Hyperwave, in his opinion.
Bitcoin Price Prediction
If you have three hours available to you I strongly suggest watching the following video. These analysts are rarely together on a show and this particular show is by far one of the best I have seen in its overall analysis on the Bitcoin price and indicators used. Watch it here
For those of you that just want to know what their price predictions are and why, let’s look at that now. Firstly any analysis of the price of Bitcoin should be understood in terms of a changing chart every day. With that in mind, we can look at what these analysts see as the bottom price for bitcoin based on current data.
Tyler Jenks. Jenks, through his use of his Hyperwave charting, sees the Bitcoin price going to $1000. His rationale is that a Hyperwave follows the same pattern and we are currently in the last wave. This will take us back to the starting point of wave one at $1000. Other analysts adjust their positions based on new data. Jenks does not, as he sees $1000 locked in at some point, even if we were to move back up to $5000 plus.
Tone Vays. Vays changes his position on a regular basis as every trader should. He does, however, see the possibility, or more correctly, probability, of Bitcoin going to $1300 as we never retested this area. Vays has been saying this during the Bull run and has also been accurate in his charting. He is to be listened to as part of forming your own opinion……..in my opinion!
Willy Woo. As with Vays and Jenks, Woo sees the price going lower also. In his opinion, Bitcoin will go into an accumulation zone in the 2000s. More specifically $2600 as one of his models suggests. He does not discount a flash crash around these levels which could take us lower into the $1000 to $2000 range, albeit for a period of a week or less.
Sorry to be the bearer of bad news as most people want to hear we will be reaching new all time highs next week! They could be wrong also. Do not be disheartened, there is plenty of hope and good news.
The good news on Bitcoin Price Predictions
All three of these analysts see a very bright future for Bitcoin, with Jenks going as far as saying it is the best possible solution to the impending implosion of the world’s economy. He states that Bitcoin could go well into the millions and be used to cover our debt crisis. You can read about that here.
If these lows do come into play then what are they saying about the recovery? Firstly, there is strong agreement that we need to have the clear out of the Alt coins. This needs to happen for Bitcoin to rebound and then reach new all-time highs. Unencumbered by the dead weight of projects that take capital away from Bitcoin, and cloud investors thoughts about what Bitcoin actually is, Investors, especially large institutions will better understand this new asset and the huge benefits it offers. The ICO boom, make no mistake, has been a mess that has held Bitcoin back. Once this dust settles, and more clarification of a regulatory framework is present, we will see the very big players making their moves. The likes of Pension funds and sovereign wealth funds and not just the misguided hedge funds who bought stupidly into Alt coins along with Bitcoin.
Some really promising news
There is little doubt that Moore’s law applies to Bitcoin, with clear data showing that the amount of people in the Bitcoin ecosystem is doubling every year. A huge learning from these analysts came at the two-hour mark of their recent video. A very important exception to a Hyperwave exists in the Nasdaq chart. The Nasdaq chart is effectively the internet. Let’s have a look at this.
As you see in the orange chart above, the Nasdaq followed a Hyperwave chart exactly. One huge difference though is it did not go back to the wave one price in the last wave. The Nasdaq instead made a strong move up in the early 2000s. This move was due to the clear out of inefficient companies in the dotcom bubble, but mainly by massive adoption in the use of the internet. A chart is two dimensional but more dimensions were present that changed the course of the Nasdaq/Internet chart. I think we may see the same play out with Bitcoin. If this were to take place then using the corresponding Nasdaq chart that would give us a low of $2000 for Bitcoin followed by a mega move upwards. Jenks definitely sees Bitcoin making, in his words, a “monster move upwards” once the Hyperwave completes. It will be interesting to see more analysis on the similarities of the Nasdaq and Bitcoin Hyperwaves with potential outcomes. If they track, a revision of $1000 will be needed.
Woo is looking at the fundamental growth of Bitcoin adoption and he sees this mirroring what happened with the Nasdaq/internet. Leah Wald who works with Jenks made the observation that you could compare what happened to the Nasdaqs Hyperwave to Bitcoin. Her thinking is that the huge phase 7 drop in the Nasdaq was caused by Chinese competition and the implosion of the dotcom’s. She compares these events to the advent of the Alt coins and their current implosion. Very good points in my opinion.
There is agreement among these analysts that Bitcoins price has further to drop. I also agree. They also agree that once a bottom is in, $1000 in Jenks case and between $1000 and $2600 in Woo and Vay’s cases, we will see a strong move up. I stress that these predictions for the later two analysts are based on the latest data and this could all change tomorrow. Jenks is the only one with a locked in number but I would not be surprised to see some interesting content form him surrounding the correlation between the Nasdaq historical Hyperwave chart and what Bitcoin might do.
The blockchain right now is characterised by high volatility since that dramatic drop from $6000. This surprised many, and while there are big plays/purchases happening in the OTC market, I think the very big move in buyers coming in will happening at a lower price and when we see less volatility. The big question is how long will it take for the weak hands to be shaken out, for capitulation to happen and a bottom found. This could be next week. I suspect it may take longer as we will have to break the 200 day moving average and when that happens we could see a swift drop below 3000. Within three months are my personal thoughts.
2018 was one long bear market. It has further to go in 2019 in my opinion. I personally see this as the last real opportunity to accumulate Bitcoin before the next bull run. A Bitcoin at $1000 to $2000 will look like bargain prices later in the year.
I do not have an issue with it finding a bottom and stabalising before the move up, which I think will make the 2017 surge look small. The fundamentals of Bitcoin have never been stronger and the question you need to ask is, what is your strategy?. For many, it might be better to wait until new highs are confirmed, for others finding the correct level of risk exposure and buying this asset at as close to the bottom as possible could reap huge returns, in a very short space of time. Remember this asset class still remains the best performing asset available, not just over 10 years, over two years also. Knowledge of this space is now much better among the heavyweight investors and be prepared an institutional bull run may well dwarf what we saw in 2017 retail bull run. Bitcoin is not a very liquid asset at present, and is highly speculative, when it pumps it will happen in a flash. Learn as much as possible about Bitcoin and its sprouting ecosystem, not just its price. Watch closely people you will make better decisions armed with more knowledge.
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