On January 21, 2019, an anonymous user made a series of future Bitcoin price predictions.The user successfully called the December 2018 bottom. Also, the succeeding two predictions, which stated that the price will be $5300 and $9200 in April and July, respectively, were validated. The third one, however, stated that the price will reach $16,000 in October. Since today is October 31, it is an interesting time to see if it is possible for this prediction to be validated. Cryptocurrency trader @thecryptodog stated that a massive flow of cash will enter Bitcoin today, validating the prediction.
While the tweet seems sarcastic in nature, let’s see if there is any chance, however slight, that it will be validated.
$121,753,769,543 of USD will flood into Bitcoin over the next 25 hours.— The Crypto Dog📈 (@TheCryptoDog) October 30, 2019
Screenshot this. pic.twitter.com/vV7hDMAgvU
Bitcoin’s Rate of IncreaseIn order for the prediction to be validated, an increase of roughly 78 percent would be required. During the past two years, the three dates with the highest daily rate of increase have been:
- July 20, 2017: 30 percent
- December 7. 2017: 25 percent
- April 2, 2019: 21 percent
- November 18, 2013: 55 percent
- December 18, 2013: 37 percent
Don’t Hold Your BreathConsidering that there are significant resistance areas above, and the movements are less volatile now than in 2013, it is probably safe to say that the prediction will be invalidated by tomorrow.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.