Cryptoanalyst predicts Bitcoin (BTC) triples in price based on one calculation – here is his time frame
A cryptanalyst compares Bitcoin’s price action with a traditional stock to predict what’s next for BTC after the last two months.
In a new strategy session, the anonymous host of InvestAnswers highlights carmaker Tesla as he tells his 442,000 YouTube subscribers about the importance of average returns, a calculation that indicates that the price of an asset will eventually return to the long-term average.
‘Let’s look at the couple. This is the Tesla-shared-on-Bitcoin pair, and you can see that the price is now about 0.036. We are back at the end of the 2020 levels. It’s like a big big U.
Is average reversal delayed? When you look at this chart, you will see the blue line, it is the 200-day moving average. It’s about 0.024 and we’re currently trading at 0.036. While Tesla has remained uneven over the past 12 months, Bitcoin has fallen by 70%.
That’s where we are, that’s the situation, and that’s why there is a parallax like this. “
The analyst says that most assets with true underlying utility and value will return to average, which is why he expects both Tesla and Bitcoin to post collections starting in about six months.
“Short and sweet, not financial advice, of course, everything means it goes back unless there is some shit or it’s broken.
Tesla has held up well during the correction and the recession incredibly well. Although I think Tesla will reach $ 1200 in the next six to 12 months, which is a little less than double, I also think that Bitcoin could potentially triple in the same time frame. Six to 12 months, which takes until the summer of 2023, and it is very, very conservative.
The Tesla / Bitcoin pair right now is 0.036. [The] The 200-day moving average is 0.024, so technically we are here. I do not expect the pair to go above this 0.036 level. “
Regarding Tesla’s future earnings, the chart guru mentions that the company will incur a significant loss on paper for its current Bitcoin holdings.
“They are going to be hit hard. They’re going to have a write-down of maybe $ 450 million. Many things hit them, but they had the worst quarter-on-quarter performance in over two years.
I think that pair will fall, and I think that when the bids start to come back… it is more likely that Bitcoin will be bought up at this level and Tesla can fall, so look at that level 0.036. “
At the time of writing, Bitcoin is up 6.02% on the day and priced at $ 20,258.
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Featured image: Shutterstock / ShutterDesigner / Chuenmanuse
