A former World Bank economist and partner at Lucid Investment Strategies is making the case for Bitcoin’s possible return to $1,000.

In August of last year, Leah Wald dropped a post saying the firm’s Hyperwave theory, which analyzes boom-bust cycles to identify four distinct moves up and three steps down, signaled a potential Bitcoin drop down to $1,000. Now that BTC is back in the $8,000 range, Wald says the odds of Bitcoin plummeting down to $1,000 are now lower, but still possible.

“The BTC Hyperwave is still in effect until a new all time high is reached. The recent price action has decreased the chances of returning to $1,000 but that target is not invalidated until a new all time high is established…

Remember that Cash is king unless an asset class is trending UP and that only long term trends are fit for investments. We remained in cash as long as the long term trend was DOWN, we will continue buying as long as it remains UP.”

In a new tweetstorm, Wald points to the once parabolic rise and fall of sugar as an example of a market that hit huge all-time highs, crashed and then surged back up before once again dropping to its base.

Right now, the crypto markets are a sea of red. Bitcoin is down 3.54% at $7,804 according to COIN360. Ethereum is down 5.29% at $247.34 and XRP is down 5.44% at $0.3805.

Source: COIN360

Technical analysts are seeing mixed signals on where Bitcoin and the crypto markets at large are heading.

Bitcoin

CoinDesk – Bitcoin remains on the defensive with price below $8K

FXStreet – BTC/USD inverted shoulders pattern spotted as breakout looms

NewsBTC – Bitcoin price trading sideways, bulls eyeing fresh increase

Ethereum

Blockonomi – Ether dips could present buy opportunity

FXStreet – ETH/USD bulls fail at $260, RSI still trending within overbought zone

XRP

Coinspeaker – XRP/USD consolidating on the short-term outlook

Blockonomi –  XRP facing risk of another drop before moving higher

Litecoin

CoinCodex – LTC in consolidation after epic 84% surge

Blockonomi – Litecoin now showing signs of weakness

Bitcoin Cash, Binance Coin, EOS, Stellar, Cardano, Tron, Bitcoin SV

NewsBTC – Binance Coin hyped on mysterious tweet, BSV still surging

Cointelegraph – Potential for short-term blip ahead: BTC, ETH, XRP, BCH, EOS, LTC, BNB, XLM, ADA, TRX Analysis

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

(Excerpt) Read more Here | 2019-05-22 21:01:56
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