Bitcoin Price Could Fall to $3,000, Says One of Crypto’s Most Bullish VCs

August 27, 2018

 

Anthony Pompliano, founder and partner, Morgan Creek Digital Assets has predicted that bitcoin could fall as low as $3,000 in a complete turnaround from one of the market’s most bullish positions. In a post, Pompliano stated that his January prediction of a $50,000 year-end bitcoin price was wide of the mark by as much as four years. In July, CCN reported that Morgan Capital Management founder Mark Yusco predicted a bitcoin year-end price of $25,000, followed by a subsequent run culminating in a price exceeding $500,000 by 2024.Pompliano however, says that after examining more data, this optimistic position has been reviewed.He stated:“Parabolic increases in price continue to take longer — each parabolic run is measured from the last all-time high to the new all-time high. The first rapid price appreciation took just over 300 days (2010-2011) and the second took over 900 days (2011-2013). The last parabolic price increase peaked at ~$20,000 (2013-2017) and took almost 1,500 days to complete.” According to Pompliano, an extrapolation of this trend shows that bitcoin is unlikely to hit another all-time high until the middle of 2023, more than 2,000 days after the previous all-time high.

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