How Bitcoin May Hit $3,000 According to Prominent Investor

Bitcoin is still in a bear market with its price stable in the mid-$6,000 range.

While the majority of experts see the price of the dominant cryptocurrency recovering in the months ahead, one investor sees Bitcoin price going down to $3,000.

Anthony Pompliano, a widely recognized face in the global cryptocurrency community and the founder of Morgan Creek Digital better known as "Pomp," recently stated in his daily newsletter, Off The Chain, that he personally sees the price of Bitcoin suffering another 50 percent loss in the short-term before ultimately recovering to $10,000.

"The final data outputs left me with a few uncomfortable conclusions. The most notable one is that we are likely to see Bitcoin near $3,000 before we see Bitcoin at $10,000 again. If this is true, that means we still have ~50% price decrease to go. Things may get really, really ugly if this happens."

As CryptoSlate reported last week, Bitcoin has achieved a 14-month record low monthly volatility rate in August 2018, as its price remained stable in the $6,300 to $6,700 region for around three weeks from Aug. 6 to Aug. 26.

Most investors in the market including ShapeShift CEO Erik Voorhees have shared a similar sentiment, adding that while the bear market is still in play, the low price range of Bitcoin presents a decent opportunity to accumulate the dominant cryptocurrency.

The last time the GTI Vera Convergence Divergence signaled a trend reversal, the price of Bitcoin jumped 39 percent, as Bloomberg reported.

Pomp did emphasize in his letter that the model he has incorporated in forming the $3,000 short-term price target for Bitcoin was not based on technical analysis or market indicators.

While it is accurate that Bitcoin has entered a major correction in January 2018, more technical analysts like Willy Woo have said that the correction of Bitcoin in 2018 is significantly healthier than its slump in 2014.

Systemically, Bitcoin 2018 is much healthier than Bitcoin 2014.