Bitcoin Could Hit $1,165 Before Surpassing the $10,000 Mark, Analyst Argues

Omar Faridi
  • A crypto analyst and full-time trader believes bitcoin could bottom at $1,165. 
  • He has argued that BTC price might surge to $10,200, but only after its price drops below current levels.

Twitter user Financial Survivalism, a cryptocurrency advocate and former insurance agent and financial advisor, predicted via Twitter that the price of bitcoin (BTC) could drop to $1,165 in the near future.

According to Financial Survivalism, who is now a full-time trader and a self-proclaimed “financial revolution prepper”, the price of bitcoin could continue to decline further due to what he refers to as the “Hyperwave” form of crypto price analysis. Per the trader’s analysis, BTC's price could potentially surge if it manages to reach Phase 1 of its Hyperwave formation.

Notably, prominent crypto analyst Murad Mahmudov has reportedly accepted a 0.1 BTC bet from Financial Survivalism. Mahmudov, a partner at Adaptive Capital, has argued that bitcoin will bottom in the $1,600 to $2,300 price range. As mentioned, Financial Survivalism believes the flagship cryptocurrency’s price might drop as low as $1,165 on Bitstamp “before” surging to $10,200.

Bitcoin's Price Enters "Adam And Eve" Formation

In another chart, Financial Survivalism pointed out other technical indicators which suggest that bitcoin's price could fall below current support levels. The former insurance agent drew lines between the 2014-2015 crypto bear market and the one that the digital asset ecosystem is currently experiencing.

Survivalism argued that in the last crypto bear market, bitcoin's price entered what he refers to as the “Adam and Eve” formation - which allowed for a temporary upside breakout that tested the 200-day exponential moving average (EMA). However, the BTC price dropped lower in that same cycle.

Given that the bitcoin chart has again entered an Adam and Eve formation, the full-time trader believes that history could repeat itself, meaning that the world’s most dominant cryptocurrency might first retest the $5,500 mark. However, bitcoin's price could then drop to lower levels, and according to Survivalism’s estimates, bitcoin could trade as low as $732.84.

Bitcoin-Related Tweets Drop To Lowest Levels Since 2014

On February 4, 2019, Mahmudov informed his followers via Twitter that bitcoin-related tweets dropped to “the same level as 2014.” The experienced analyst added that it seems “like nothing has changed” as tweets about bitcoin are even lower than “at any point in 2016.”

Mahmudov also pointed out that “all the people, particularly in the Western world, obsessed with Bitcoin” such as Pierre Rochard (the founder of Bitcoin Advisory), have been in the crypto space for a relatively long period of time. Because of this, Mahmudov argued crypto pioneers and cypherpunks might not realize that there are actually “fewer people” who are interested in “decentralized sovereign” deflationary currencies “for [their] own sake than you'd like to think.”

According to Mahmudov, the crypto bear market might last a lot longer than most people expect. However, “those who are building, learning, studying right now of course will be handsomely rewarded in 2023/2024”, the trader stated.