Henry Kioko Blog | ‘Worst BTC Bear Market Is Coming’: Morgan Creek Digital Assets Founder | Talkmarkets
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‘Worst BTC Bear Market Is Coming’: Morgan Creek Digital Assets Founder

Date: Tuesday, August 28, 2018 11:59 AM EDT

The founder and partner of Morgan Creek Digital Assets, has reportedly predicted bitcoin’s (BTC) worst bear market after posting his suggested breakdown of the digital currency based on the current market performance.

Anthony Pompliano said that his January prediction, which aimed at showcasing the renowned cryptocurrency’s upcoming market value, was far from his $50,000 year-end turnaround estimation by at least four years.

In July, Morgan Capital Management founder, Mark Yusco’s bitcoin year-end projected price of $25,000 comes close to Pompliano’s bitcoin value estimate after his suggested growing value with his prediction asserting a $500,000 rally on bitcoin by 2024.

While his earlier suggestion of the most-traded digital coin closing the year in a bullish market creates an upside that sees a review into his prediction after continued reports of instability, Pompliano said that a closer examination on the data pushed him to revise his previous optimism on bitcoin.

He stated:

Parabolic increases in price continue to take longer – each parabolic run is measured from the previous 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.”

In the findings, Pompliano believes that close observation of this market behavior shows that bitcoin will most likely not turn bullish until 2023.

Based on the accuracy of historical bear market data, he projects the bear to hold for at least another 650 days. The data shows that the first underperforming market took place in 2011 going on for about 160 days. Another followed two years later lasting 400 days hence by utilizing that data, the projected bull market of 2023 is likely to maintain.

Further, in the analysis, Pompliano’s estimates showcase that bitcoin and other digital currencies could maintain a bearish movement until the third quarter of 2019, which confirms a longer wait compared to recent predictions by other cryptocurrency enthusiasts.

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