Once Bitcoin (BTC) started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions.<\/p>\n
Long-time Bitcoin skeptic Peter Schiff<\/a>, who is CEO of Euro Pacific Capital, wrote in a late-2019 tweet that per his technical analysis of the charts, BTC's breakdown below the $7,000 range could be a precursor to a potential capitulation event to $1,000.<\/p>\n Even recently, despite the price of digital assets rallying by dozens of percent since the December bottom, a number of traders have asserted that a $3,000 Bitcoin price is in the books.<\/p>\n But, per a number of analyses, there is about no way the cryptocurrency will ever see those prices again.<\/p>\n Bitcoin analyst Digitalik.net, who runs a cryptocurrency statistics website that has his online username as the URL, recently noted<\/a> that BTC's four-year simple moving average (SMA) just crossed over the $5,000 level for the first time ever.<\/p>\n This is important as a chart shared by a user of his site shows that Bitcoin always bounced off the four-year SMA, only breaking through it briefly before bouncing higher. Indeed, in the wake of the 2013 bubble, BTC found key support at that level for months; and in 2018, the moving average marked the bottom for the brutal price plunge.<\/p>\n With this technical level being of utmost importance, Digitalik.net said that “there is a high chance we will not see BTC below $5,000 ever again.”<\/p>\n There is high chance we will not see #btc<\/a> below $5000 ever again.<\/p>\n LIVE: https:\/\/t.co\/pVIh9gvJdY<\/a> https:\/\/t.co\/9CZyEy2ymC<\/a><\/p>\n — digitalik.net (@digitalikNet) January 24, 2020<\/a><\/p><\/blockquote>\nWill Bitcoin say goodbye to sub-$5,000 prices forever?<\/strong><\/h2>\n
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