He bet that the maximum price of the currency would reach U$ 30 thousand, but it valued much more!
The price of Bitcoin continues to surprise people around the world, including those more orthodox fans of cryptomime. The owner of the oldest website about the digital currency, bitcoin.org, said he expected the maximum price to reach US$ 30 thousand. However, the price has already surpassed $40,000 in several brokers, a figure never seen before.
The move up has been fast, as Bitcoin was still priced at $18,000 in early December 2020. By more than doubling the price, Bitcoin would have frustrated the owner of the website that is the community reference.
However, there is a very strong reason for the pessimism of the currency enthusiast.
The owner of bitcoin.org was surprised with the price in the heights
Very well known in the cryptomime community, Cobra Bitcoin is the owner of bitcoin.org. Cobra is part of the history of digital currency and has followed the market since the early years.
In 2021, however, he would be scared and even pessimistic about Bitcoin’s recent boom. According to Cobra, his predictions led him to believe that the current high would bring the currency to a maximum of $30,000.
He called this bullfighting (bullish movement in the market) unreal, and asked his followers for opinions on Bitcoin price predictions for 2021.
Cobra stated that his pessimism with Bitcoin’s rise has a justification: he likes it when Bitcoin is low. That way, he can buy more. The high Bitcoin would be hindering him to accumulate more Bitcoins in his portfolio.
„In general, I am pessimistic with the price forecasts, maybe because, unconsciously, I wanted Bitcoin to be cheap so I could accumulate even more“.
Bitcoin’s history is showing new concept of overbought
Cobra said that he didn’t expect to see Bitcoin burst because he believed that there would be sales in the market. The „surprise“ in seeing the currency reaching historical levels, however, is just an irony of Cobra, who has been a Bitcoin fan and enthusiast for many years.
Bitcoin does not spend more than 3 days without breaking a record price in the market. But this has been seen other times.
For veteran market analyst Peter Brandt, Bitcoin is redefining a common concept among traders: that of overbought. For Brandt, Bitcoin has been overbought for some years, a strange move for technical analysts who may be waiting for a correction.
„Bitcoin $BTC is redefining the concept of „overbought“. Bullish markets become and remain overbought. The main bullish markets become mostly overbought. Historical bullish markets become historically overbought. Red arrows mark mid-points of parabolic advances“.