Crypto analyst explains why it's dangerous to try and predict BTC's bottom

27 Feb, 2019 | Updated: 27 Feb, 2019
by Richard Allen
News
Crypto analyst explains why it's dangerous to try and predict BTC's bottom

Many traders and crypto experts have attempted to predict Bitcoin’s bottom, with some saying the $3,150 seen on December 14 last year is the lowest the digital asset will go. However, one crypto analyst has warned that trying to find the exact Bitcoin bottom could be dangerous.

Alec Ziupsnys has said that it could be an unwise move to attempt to find the exact bottom. He recently took to Twitter to explain that trying to predict Bitcoin’s lowest price is akin to “trying to pick up a penny in front of a steamroller,” explaining that it involves a lot of risk for not that much reward.

Ziupsnys went on to explain the rationale behind his statement, stating that Bitcoin’s capped supply and the deflationary nature of the currency will be a long-term bullish characteristic. He adds that there are only 818,913 more Bitcoins left to be mined before the 2020 halving, scheduled for May, which equates to just $3 billion in value. As such, Ziupsnys concludes that the crypto space should “let bears enjoy a few extra percentage points.” As one of the responses to his tweet states, “Stay strong, HODL.”

Read more: Bitcoin price may have hit bottom, according to this long-term indicator...; Are we almost done with the longest-ever Bitcoin bear market?

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Read more about: Bitcoin (BTC)

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