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.

Bitcoin and Friends Episode 2 Addresses Silk Road, Bitcoin's Case to Be Sound Money

Francisco Memoria

The second episode of the popular show Bitcoin and Friends, available on CoinMarketApp, has addressed some of the cryptocurrency’s first use cases, as well as its current battle with the U.S. dollar and other fiat currencies.

The show’s second episode starts off with a character called Pal Fifty, which resembles Hal Finney, passing away before telling Bitcoin and his entourage they need ot seek the cryptocurrency’s whitepaper.

In a heartfelt conversation shortly after Mitalik Buterin, a leading character representing Ethereum co-founder Vitalik Buterin, tells Bitcoin its potential goes beyond money alone, and its father – Satoshi Nakamoto – doesn’t have to be the one to guide him. After some soul searching, we see Mitalk start to work on Ethereum (ETH).

As the story develops we see Jones, a car dealer turned drug dealer voiced by rap artist Petey Pablo, gets his power cut off. When he goes out to sell more drugs he finds his clients don’t need any. Later one, the show makes it clear they’ve ben buying their supply off of the dark web, through the now-defunct marketplace Silk Road.

The Silk Road was one of the first catalysts for Bitcoin’s popularity as the pseudonymous cryptocurrency was used to buy and sell drugs – and other items – on the platform. Its founder, Ross Ulbricht, received a double-life sentence for running the platform.

Bitcoin then starts throwing up more often small bitcoins, making it clear the cryptocurrency’s network is growing. In reality, more miners on the network mean it’s more secure and reliable. While the BTC network is now over a decade old, it has never been compromised.

Halfway through the episode we see Satoshi Nakamoto again. The cryptocurrency’s creator makes it clear to the Bitcoin character, while he’s high on cocaine, he needs to finds himself as “answers freely given are worth little.”

During this conversation, Satoshi gives Bitcoin four weapons: the Divisibility Dagger, the Portability Pack of Teleportability, the Shield of Durability, and the Sword of Scarcity to “cut through all the lies and FUD you will face.”

Bitcoin’s Battle With the U.S. Dollar

Nakamoto then tells Bitcoin he needs to “follow the light.” The character’s path sees him end up at a “Freedom Fest” in which gold and silver are used as the de-facto currency. After getting into some trouble, a general, Ross Fullbrick – representing Ross Ulbricht - rescues Bitcoin and explains gold and silver have their flaws, and that BTC is the future of money for freedom-loving individuals.

Per his words:

Bitcoin is the natural evolution of money into a digital gold standard. We don’t live in a physical world anymore boys. We need a means through which we can transfer value across the internet, anywhere, anytime, freely. Without the state, the religion of our time, impeding our freedoms.

What ensues is Bitcoin entering the “Economania,” an event that sees currencies compete for a championship belt. Gold, the Freedom Fest’s representative, never won, as it always loses to the U.S. dollar.

We then see the Dollar Bot beat gold once again. Bitcoin, using the weapons Satoshi gave him, which represent characteristics BTC has the USD doesn’t, beat the Dollar bot. The episode ends with a big bank representative receiving a call warning him about Bitcoin.

The Cryptocurrency Space’s Cartoon

The cartoon’s style seemingly resembles that of shows like South Park, Family Guy, and more. It has a sense of humor that can’t be appreciated by all, but has so far been well-received by the cryptocurrency community.

Contacted by CryptoGlobe on what feedback the show received, the show’s team noted:

Feedback has been overwhelmingly positive for both episodes. We're thrilled to see that we have a very loyal and motivated fanbase and we can't thank everyone enough for donations, gifts of time and talent, and so on. This project is growing into a community effort and we hope to see that support continue to grow.

On where they got inspiration for the show, its creator, Uncle Chris, and producer Broccoli Rob, revealed they initially had an idea for an advertisement that would see actors use large cryptocurrency-related costumes. While that never happened, Chris later contacted Robert on an idea for a Bitcoin cartoon which “quickly grew into a multi-season outline [show].”

Featured image via Bitcoin and Friends, YouTube