“The Crypto Dog” (@TheCryptoDog), a widely-followed crypto trader and market commentator, recently remarked that an $1,800 bitcoin (BTC) price would “not be surprising.”
I don't know for any certainty we'll see those prices, nor do I mind if we reach them or not.
If you're in $BTC for the long haul, DCA. If you're learning to trade, just survive. Keep your risk low, gains will be easier someday.
— The Crypto Dog📈 (@TheCryptoDog) February 5, 2019
Although Crypto Dog acknowledged that he wasn’t a 100% sure that the bitcoin price will drop that low, he said it would not bother him if the cryptocurrency’s value continues to decline. The experienced crypto trader also predicted that ether’s (ETH) price may fall to around $50.
Predicting “Absolute High” Of $6,200 For BTC In The Near-Term
While offering advice to his 100k+ followers, Crypto Dog recommended “keeping risks low” and focusing more on “learning” how to trade. He also shared an older thread he had posted (in December 2018) which noted that bitcoin might be “in [its] final stages of [the current] bear market.” At that time, he had predicted that BTC price could reach “an absolute low of $1,800” and “an absolute high of $6,200.”
Crypto Dog had also mentioned last year that it was “more likely” that bitcoin would trade in the $3,000 to $5,400 price range “for a substantial period of time.” In his mini tweet storm from December 20th, 2018, the experienced trader argued that the present market conditions “present an incredible opportunity to begin to average into a position.”
Entering positions at this time could potentially pay off during “the next [crypto] bull cycle”, however there’s “no rush to buy all of your bitcoin this very moment”, Crypto Dog suggested. Going on to recommend that it’s a “great time to begin accumulating bitcoin” (which crypto bull Anthony Pompliano has also said), the experienced analyst believes we must treat bitcoin as a “long-term investment.”
Bitcoin’s Low Market Cap Means No Correlation With Traditional Markets
According to the Crypto Dog, the time period between “mid-2019 and 2020” should be a “fundamental catalyst” as he expects Bakkt, Fidelity’s digital asset platform, and the VanEck bitcoin exchange-traded-fund (ETF) to (possibly) be fully launched (by then). When questioned by John Todaro, the research director at TradeBlock, about the potential “delay in bullish momentum” for bitcoin due to the current stock market crash, the Crypto Dog remarked:
It's always a concern when everyone is clinging to cash and risk appetite has all but soured, but that to me would be much more worrisome if Bitcoin's market cap were larger.
Acknowledging that he does not completely agree with the narrative that “bitcoin is a safe haven”, the veteran trader said bitcoin is exhibiting characteristics which are similar to “commodities” and “cash”, rather than equities. He added that “we all get to see how this narrative unfolds together”, implying that nobody can accurately predict how cryptocurrencies or other asset classes will perform in the future.