The price of bitcoin grew within half a year from 3000 dollars to the high point of this year of 13,800 dollars, a growth of no less than 360%. Bullish growth did not seem to end between April and June. Now that we are half a year later, no consensus has yet been reached as to why that peak occurred. Many traders and analysts thought that the period of accumulation was already over by then and the rate would only rise for the time being.
First a bottom
Tuur Demeester was a guest in a recent segment of Peter McCormack’s podcast WhatBitcoinDid. Demeester is the founder of Adamant Capital and recently wrote a good piece in which he compared the Dutch Protestant Reformation with bitcoin. He mentioned Richard Wyckoff’s accumulation theory and suggested that we can expect a bottom of the bitcoin course soon before we find our way up.
Listen to the podcast below via Soundcloud.
The peak came too early
Demeester spoke about the run from April to June. He says that people who have been in bitcoin for a longer time could lean back because a new type of investor was emerging. He adds that the buying pressure was high.
But this peak came much too early, the price was ahead of the market cycle. Demeester is therefore convinced that the next phase of accumulation (difficult word for, the course collapses) will not be long in coming.
After a rally, the market needs a breather. They need to catch their breath, because that’s how you go higher.
Weak hands
According to Demeester, the price of bitcoin will only increase once the “weak hands” have sold their bitcoins. But that high price can only be achieved if we do not exclude the possibility of a new bottom. Although it seemed as if we had reached the bottom several times this year, there is still a final phase of re-accumulation.
Demeester believes that bitcoin can still fall to 5000 dollars. He adds some nuance to this by saying that that is not a bad situation if you compare it to a year ago. Below the line, the value of bitcoin is still growing during 2019.
Determine millennials
Another underexposed point that Demeester cites is that millennials will determine the price of bitcoin in the next 20 years. And he thinks it’s possible that 30% of all millionaires
Moreover, he also said that the current millennials would be influential in terms of dictating the price of Bitcoin for the next 20 years, while also shedding light on the possibility that about 30 percent of the current billionaires in the world will be big in the future start investing in bitcoin.
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