Anthony Pompilano revealed in a post that the $50,000 year-end bitcoin price he predicted earlier in January was four years ahead present market realities.
Pompilano stated that the figures he earlier predicted have been reviewed due to current market trends. He explained that the rate at which it takes to complete parabolic price hike is increasingly exponential. Hence, the review of Bitcoin’s price trend predicts that the price of bitcoin is not expected to hit another peak value until mid-2023. Pompilano’s new figures put the next bitcoin peak price 2000 days away from last year’s peak price.
Bitcoin’s Price Trend
Records show that the first ever bear market investors experienced in 2011 lasted for about 160 days. Meanwhile the next one which was between 2013 and 2014 lasted for 400 days. Pompilano has used this market trends to predict that the present bear market will likely to last for 650 days.
However, the new figures predicted by Pompilano is not coherent with the anticipation of most bitcoin investors. According to Pompilano, investors are unlikely to witness a substantial appreciation in the price of bitcoin until the 3rd quarter of 2019.
Pompilano went further to state that his earlier predictions had been put to test in the last few weeks and he came to a conclusion that there is a need to analyze more data and rebuild the prediction model. However, he admitted that acknowledging that his earlier predictions were wrong was not easy.
The figure predicted by the founder of Morgan Creek Digital Assets, suggests that the price of bitcoin will fall to $3,000 in the coming weeks. This puts bitcoin price decline to roughly 50% from last year.
However, Pompilano reaffirmed that the price of bitcoin will eventually hit $50,000. As he had earlier predicted, though the timing will be later in 2022 or 2023. He concluded by advising investors to prepare for impending hard times in the bitcoin market.