Bitcoin (BTC) price has been stable above $7700 and below $8200 in the crypto market. Enthusiasts and analysts believe that BTC stability within its present range would precede the Bull Run that could take its price to $20,000 hallmark and beyond. However, former World Bank economist believes otherwise.
Bitcoin (BTC) has been following an unexpected trend for the past few days. The rate at which it experienced price upsurge in the first 2 weeks of May made the crypto sphere to envisage on the possibility of following the trend for quite a long time.
Bitcoin (BTC) has been commanding the price growth of all other digital currencies. Its drop and rise in market price has constantly impacted the prices of other cryptocurrencies both positively and negatively.
At press time, Bitcoin is trading at $7,947.89, on the verge to break $8000 resistance it has since been using as a balancing edge.
This present state of Bitcoin (BTC) has given room for different analysts to air their views about the expected price that could follow, considering the high volatility of cryptocurrency market.
Possibility of Bitcoin (BTC) Hitting $1000 Mark
Leah Wald, former World Bank economist and founder of Veterati, the America’s Mentoring Network for the Military, claimed that Hyperwave chart is still very much applicable.
Wald made her clarification comprehensible in her long tweet, stressing that a version of Hyperwave suggested for investors to buy when the price is around $3200
Wald then opined that the Hyperwave is still functional since Bitcoin is still rooming below its price Hallmark of about $20,000 it achieved in 2017, making the chances of BTC price dropping down to 1000 US Dollars possible.
The Forbes writer and analyst went down the memory lane, citing historical chart of sugar in support of her sentiment. Considering the chart she shared, the price of sugar experienced a strange move between 1972 and 1985.
As revealed in the chart, there was a distinct growth in value of sugar in 1974, after which it started facing significant downward trend in early 1975.
Such a trend was last experienced in the ending of 2017, and crypto investors are to take note of this since Bitcoin’s present growth trend has not been bullish beyond its all-time price record.
Wald clarified that the price of sugar advanced again to beat its all-time high through a parabolic movement but later failed. According to the chart, the price of sugar returned to Phase 1 after about 11 years of upward and downward trends.
15/ Is it still possible for BTC to hit the phase 1 line? Even though indicators are now bullish, there is historical precedence.
Yes, one example is sugar: pic.twitter.com/yupCcpa2kX
— Leah Wald (@LeahWald) May 21, 2019
Considering Leah Wald’s analysis, the then trend of sugar according to Hyperwave is comparative to the present trend of Bitcoin (BTC).
Wald concluded that the present bullish of Bitcoin does not render Hyperwave invalid until new hallmark price is set by the digital currency.
This is just a reflection of her opinion but history cannot be thrown under foot, if it applies to other commodities, it could also be applicable with Bitcoin (BTC) and other cryptocurrencies.