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Anthony Pompliano: Bitcoin could fall to $ 3000

ICO-NEWS-Anthony-Pompliano-Bitcoin-could-fall-to--3000 Anthony Pompliano | Morgan Creek Digital Assets

Founder and partner at Morgan Creek Digital Assets Anthony Pompliano has significantly adjusted his forecasts regarding the market prospects of Bitcoin for the near future. Now the analyst is confident that the price of the first cryptocurrency can fall to $ 3000, according to the blog Off The Chain.

"Parabolic increases in price continue to take longer — each parabolic run is measured from the last all-time high to the new all-time high. The first rapid price appreciation took just over 300 days (2010-2011) and the second took over 900 days (2011-2013). The last parabolic price increase peaked at ~$20,000 (2013-2017) and took almost 1,500 days to complete," writes Pompliano.

According to him, when extrapolating this trend, it becomes clear that Bitcoin is unlikely to update the historical maximum until mid-2023 - this will take more than 2000 days from the time of the previous record.

In addition, judging by the statistics, the first "bear time" Bitcoin lasted about 160 days in 2011, the next 400 days in 2013-2014. Based on these data, Pompliano predicts that the current one will last about 650 days.

In the case of such a development of events, a return to positive price dynamics will occur no earlier than the third quarter of 2019, which is much longer than most market participants expect, and will cause investors "pain and discomfort", the analyst is sure.

"It is never fun to admit that you were wrong about something you said publicly. However, it is important to constantly test your own assumptions and beliefs. As I've tested myself over the last few weeks, it became obvious that I needed to gather better data and rebuild the prediction model," Pompliano wrote.

According to him, available to date, the data signals several unpleasant events, including the very likely short-term drop of Bitcoin to the level of $ 3000.

In conclusion, Pompliano recalled that he is still confident in the growth of the bitcoin price to $ 50,000, but already in 2022 or 2023. To investors, he advises to continue to prepare for the worst and always carefully study the market.

Recall, in February, when Bitcoin dropped to $ 7000, the analyst said that by the end of the year the price would rise to $ 50,000.