Bitcoin remains mired in an endless range-trade as we head into the 4Q18. BTC’s only about 8% off the lows of the year, so we’re hardly out of the woods yet in terms of price. Given the sudden and out-of-nowhere selling pressure that we have witnessed all year, it has to be at least assumed that we could still fresh new lows for the year. Don’t count it out. DYOR.
Alt-coins such as ETH, XRP & BCH have rallied sharply off their lows taking the panic out of the market but the world leader is yet to show the same type of resilience as of yet. As we know, the 4th quarter of last year was a circus as prices went to the “moon” in a 31-day stretch that was one for the ages.
Top prognosticators including Tom Lee and Michael Novogratz have thrown down the gauntlet in recent weeks insisting that the lows are in for BTC and ETH, and we will find out in coming weeks if those calls are accurate or not. Tom Lee is now touting end of 2019 calls since his predictions for this year look increasingly out of reach. Last week he predicted a seven-fold increase in ETH to $1,900 from around $225 by the end of next year. These are heady predictions in a bear market, and Mr. Lee’s bold calls are underpinned heavily by mining costs & other quantitative factors. We will see whether he is right in time.