Rhett Creighton was the man behind Bitcoin Private, the fork of Zclassic and Bitcoin. He has suddenly abandoned the project and announced another fork called “Bitcoin Prime”. The Bitcoin Private team later announced that they were firing him and would continue the project with other developers. He is now working on yet another project called Whalecoin, a decentralized social network where Whales reward their followers.
And Rhett has one of the most outlandish predictions for the next bitcoin bull run:
I don’t think the next Bull Run is “the big one”
We probably only go to $150k BTC and people start panic selling houses to get a Bitcoin.
Then we have another crash.
— Rhett Creighton (@HeyRhett) December 11, 2018
He then continues in the same far out fashion:
“You won’t be measuring in USD anymore. The world will be 10x wealthier than it is today. There will be autonomous flying cars and we’ll colonize the Ocean. Controlling a Bitcoin will probably be like controlling $10M today. But you won’t need money to live pretty well anyway.”
However, Rhett didn’t specify his timeline for this insanely positive prediction of bitcoin future. I guess that is the secret for being right in crypto space: don’t set a deadline and you significantly increase your chances of being right, eventually.
However, many others don’t share Rhett’s optimism
In the group of the most pessimistic is the security company Kaspersky Lab, which a few days ago launched its predictions for 2019, presenting an unfavorable outlook for the ecosystem.
According to the firm, it is likely that the price of cryptos will remain at low levels and that the use of crypto coins as a means of payment will decrease, in addition to believing that expectations about the advantages of blockchain technology will decrease.
The company establishes a direct relationship between the price of crypto coins and the public interest. Based on this, it assures that the audience interested in the crypto coins is limited, and “once that limit is reached, the price will not go up any more”.
In the same line of ideas, Arthur Hayes, CEO of BitMEX, said that the bearish market that has characterized 2018 has made him change his hope that the BTC reaches USD 50,000 this year. Therefore, last July he said that the currency had not seen the worst, when bitcoin briefly went below USD 6,000 at the end of June. At that time he predicted that the crypto currency would reach levels between USD 5,000 and USD 3,000 this year.
In his most recent statements he states that the bear market will be dominant throughout 2019, a trend that would even last until the early months of 2020. Hayes referred to one of BitMEX Research’s analyses of bitcoin’s historical performance, where it is estimated that the current bearish period began on March 12 and is likely to last a minimum of 200 days longer.
ANALYZE VALLEYS AND PEAKS
A similar approach to Hayes’ exposes the founder of Morgan Creek Capital Management, Anthony Pompliano, one of those who predicted that bitcoin would reach USD 50,000 by the end of 2018, although he later admitted that his prediction was wrong.
On the basis of the valleys and bitcoin peaks along their price history, Pompliano assured, in one of the bulletins published on his blog last August, that bitcoin could first fall to USD 3,000, before seeing a positive trend in the market, something he believes could happen in the third quarter of 2019.
Pompliano explains that bear markets tend to last longer, recalling that the first bear market lasted 160 days (in 2011) and the second 400 days (2013-2014). As a result, he estimates that the current bear market, if it follows the historical trend, could last 650 days.
With similar arguments, exchange market analyst Willy Woo explains that the BTC is in a valley and will bottom out in the coming months. To make his prediction, Woo uses the NVT indicator (BTC market value between the daily trading volume in USD), created by him in 2017, and the average price of that crypto asset over the last 200 days, or moving average.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com