Bitcoin price went dangerously close to breaking the USD 8,000 support level today, when it plunged to a 24-hour low of USD 8,060 just hours ago at the end of Central Europe trading market, before recovering to current levels at USD 8,167 (8:40 pm London, CoinDesk).
If yesterday we saw lower highs but higher lows, today it is bucking the trend, unable to accomplish a price higher than USD 8,412.
Altcoin markets are also in danger of losing all the ground gained over the weekend, with Ether unable to touch USD 180, while Litecoin shows no sign of strengthening above the USD 50 mark, even if the latter was the only altcoin in the Top 20 (market capitalization) to register a daily gain (or almost 1%).
Bearish sentiment is getting more apparent not only on Google headline news, but also on social media, with sentiment aligning with the majority of technical indications — including our own at BitcoinNews.com — that point to a lower price range of sub USD 7,000 if Bitcoin is unable to touch USD 9,000 in the coming weeks.
For some, the strain of waiting for Bitcoin to recover may finally prove to be too much of a stretch. MSN Money reports that Jered Kenna, one of the earliest Bitcoin millionaires known, has finally called it quits on the world’s most popular digital currency.
His return to Twitter after disappearing for three years, just to say that he has lost his “love for the industry”… if not for the tech.
Also fwiw I don't really hold any crypto. I think I have like half a BTC a few BCH and 50,000XRP.
I love the tech but lost the love for the industry. I still think it's brilliant but I'm not active. If I say something like "buy the dip" or HODL it's what I'd do if still in
— Jered Kenna (@JeredKenna) September 25, 2019
Kenna had reportedly said in a phone interview from his home in Texas:
“…all we talked about was things that actually had substance, and very few people were talking about making money. And now the only thing people focus on is making money.”
If reports are to be believed, he initially involved himself in the industry “to change the world” but found that, instead of disrupting the banking system and revolutionizing payments, speculative frenzy overcame crypto and has made him disillusioned. He remembers how initial blockchain events were all about tech geeks but when he went to a recent one in Miami, it was “full of beautiful models looking for men… I was like, this has changed”.
It can be somewhat sad to hear how people have lost love for Bitcoin, but understandably, the tech can be very far removed from the industry. Nevertheless, others continue to fall deeply in love. Some even are writing books about it, like one Bitcoin educator Jimmy Song, who recently hosted a Bitcoin auction to help fund his latest venture, ‘The Little Bitcoin Book’.
Decrypt covered the event in Riga last month at the Baltic Honeybadger Bitcoin conference, where Song told them that the book was “a gentle introduction to Bitcoin, and its potential to change the world from a monetary perspective”.
Song is quite possibly a Bitcoin maximalist and he is encouraged by what he sees in censorship-heavy countries with internet. BitcoinNews.com has covered Bitcoin use in Iran extensively, and Song acknowledges that citizens in countries like these are using Bitcoin to circumvent financial restrictions:
“They’re able to do that without needing anyone’s permission and that’s significant. I’m excited about the fact that bitcoin is making a big difference in all of these distressed places around the world. It’s a significant part of what Bitcoin is supposed to be.”
Song is one of eight writers of the Book, which attempts to simply tell the story of “what Bitcoin is, how it works, why it’s valuable, and how it affects individual freedom and opportunities”.
But if Bitcoin maximalists aren’t enough to get your day going, maybe the news from one other crypto analyst will. Roger Quintrillo insists that Bitcoin still has a “realistic scenario” for a new all-time high of USD 100,000. He believes his charting proves that this will happen by the end of 2021. Like other bull run predictors, he sees this happening in November or December.
Most realistic scenario:
1. Bitcoin will never go below 5.8k again
2. Max. Price until end of 2020 = 14k
3. Next ATH will be around 100-110k in Nov/Dec 2021
4. Correction should put us around 30-40k@moonshilla whats up BigBrotha?#bitcoin #btc #btcusd pic.twitter.com/hsZW9SZuQG
— Roger Quantrillo (@rogerquantrillo) October 2, 2019
As interesting as his prediction for the top, is his belief that we will never see Bitcoin price below USD 5,800 again. In addition, he sees the last quarter of the year possibly going up, with a maximum top at USD 14,000.
And even more interesting is, after the next ATH, a correction down would bring price to a low of USD 30,000, which is still 50% higher than the current ATH of USD 20,000.
Incredible predictions, but we live in incredible times, don’t we?
Image Courtesy: Pixabay