On Wednesday, the author of the book “The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology,” William Mougayar, took to Twitter to share his fearless forecast on the possible year-end prices of top cryptos.
What immediately caught our attention is the author’s predictions on the top two cryptos. Mr. Mougayar believes that bitcoin will print a new all-time high before the end of the year. Also, he thinks that Ethereum will be back at $1,000, which means a growth of over 360% in three months.
While everything is certainly possible in the world of cryptocurrencies, we asked around to see if active traders shared the author’s sentiment. We were not surprised to see their responses.
Analysts: Bitcoin Trading at $25,000 Before Year-End Possible But Unlikely
We asked seven technical analysts with sizable followings on Twitter if they see the number one cryptocurrency breaking the all-time high (ATH) and trading at $25,000 before the turn of 2020. Most of them said it is possible but it is doubtful.
For instance, Trader Max, also known as Bitcoin Jack said,
I doubt it, but who knows. Bitcoin will be Bitcoin.
The analyst added,
If we close the weekly above 11.6-11.7K I think there is a chance to reach for ATH this year. For now, sideways corrective seems most likely.
When asked the same question, cryptocurrency analyst Cole Garner replied,
It is possible but unlikely.
It’s the same story for Hsaka. The day trader said,
Anything is possible. I think it is highly unlikely though.
Beastlorion also said the same thing:
Anything is possible but I highly doubt it.
Scott Melker also responded to our query. He said,
Anything is possible. I would not be surprised at all.
Ian McMillan, CMT, also shared his view. The trader is less optimistic as he replied,
No, I do not.
The only trader who said that bitcoin will trade at $25,000 before the year expires is the biggest bull on CryptoTwitter (CT): Majin. The trader replied,
Thus, it is safe to assume that traders are not expecting anything big from the king of cryptocurrencies, at least for this year. Their expectations are even lower for Ethereum.
Analysts: Ethereum Is Not Likely to Grow Exponentially in a Few Months
In the case of Ethereum, we asked a few traders if the number two cryptocurrency will climb to $1,000 before the end of the year. Just like bitcoin, most of them believe that it is possible but not likely.
For example, Bitcoin Jack replied,
Anything is possible as we have seen for example in December 2017 with Bitcoin and subsequently with alts after that, but a 5x in price for Ethereum will require some rather groundbreaking fundamental developments.
Scott Melker responded,
If BTC can break it’s all time high, Ethereum should be able to as well.
I don’t think it will get that high but again, anything is possible.
Lastly, Benjamin Blunts gave us his full analysis. The Elliotician told CCN,
From a technical point of view the decline from the $360 highs down to the $160 lows is too deep to be considered part of an uptrend. [It is] more the start of a new downtrend, where any strength up towards $280, I would consider a counter trend move.
It looks like traders who possess the expertise to predict price action do not share the author’s fearless forecasts.
This article was edited by Sam Bourgi.
Last modified: September 20, 2019 2:01 PM UTC