Many crypto enthuasists are banking on the infamous 4chan bitcoin price prediction to be right again for the third time in a row in the 2019 calendar year.
A screenshot of a comment made on January 21, 2019 that correctly predicted bitcoin’s price twice already has been going around and is being hailed as the ultimate shot caller due to being correct time and time again. But will the notorious 4chan forecast actually hodl true in October?
After calling out Bitcoin’s bottom in January 2019, 4chain anon proved right two more times and has been one of the most talked about oddities in the cryptoverse this year.
He or she (or they) said BTC’s price would be $5,300 in April and then $9,200 in July. Despite going to $13,900 in July, BTC crashed to about $9,050.
The next prediction by 4chan is of $16,000 in October 2019.
This means the BTC price would essentially double in the next month to go from today’s current price hovering around $8K.
Currently, bitcoin is trading at $8,020 with 24 hours loss of 1.16 percent, as per Coincodex.
It’s not just 4chan that has predicted this, crypto analyst Crypto Welson is even more bullish as he believes we could see “a new yearly high” in October.
This is because, if we zoom out on the daily charts,
“Bitcoin has seen similar “flash crashes” numerous times during bull runs.”
The tide will come in and the tide will go out, but the sea level is rising.
— David Schwartz (@JoelKatz) September 27, 2019
Crypto trader and investor Josh Rager also points out how in 2013 Bitcoin bull market pulled back 75% over 89 days before registering a 1600 percent run-up to new highs later in the year.
In 2019, Bitcoin has currently retraced 42% over 91 days. Though the price can continue down once pullback is done,
“expect the bull trend to continue.”
However, trader Hsaka says,
“Whenever price breaks a multi-month support or resistance, it usually sees continuation in the direction of the break.”
Q4 historically has been a good quarter for BTC price and whether it is going to be October or the coming months, a surge is bound to come.
Remember, it took just three weeks for bitcoin to boom from $8K to $19,893 USD back in 2017. The “Thanksgiving to Christmas” explosion in the price of BTC was nothing short of amazing and would be a wild scene to see it happen again.
Many question whether or not bitcoin’s USD exchange rate value has found a new floor at $8,000 given how it has fared since its early Q2 rise. What expert Tom Lee had to say was received with great admiration in saying the recent drop of BTC/USD from $11K to $8K was nothing abnormal and is par for the course in bitcoin’s ‘rule of the 10 best days‘ theory he explained.
Regardless of how the price of bitcoin reacts in the short term or hodls true to its $16K milestone in October 2019, many believe what Mark Yusko thinks in that all investors should be buying bitcoin with every chance you get.