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Tuur Demeester Says Bitcoin Could Touch $5,000 Briefly

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  • Vladislav Sopov
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    Time is running out before the halving of Bitcoin, puzzling both the bulls and bears as to whether the “bottom” has been reached. Tuur Demeester says “Not yet”.

Tuur Demeester Says Bitcoin Could Touch $5,000 Briefly
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In a recent What Bitcoin Did podcast episode, Peter McCormack sat down with Tuur Demeester. Mr. Demeester is a macro investor, analyst, business cycle expert and founding partner at Adamant Capital. Several key issues were discussed about Bitcoin (BTC), including trading, adoption, and investments. Interestingly enough, the price of BTC was not the last among the topics.

Accumulation? Re-accumulation!

While discussing BTC's price dynamics, Mr. Demeester brought up the theory of accumulation by Richard Wyckoff, a pioneer in the technical approach of studying the stock market. Mr. Demeester explained that there are different stages of accumulation. The final stages associated with "the bottom" are highly anticipated by Bitcoin community, but it is not there yet according to Mr. Demeester.

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The true bottom will be re-reached only after the re-accumulation stage, which is when there will be "no traders left to sell the asset". Speaking on the exact figures, Mr. Demeester said the following:

We're way above the bottom of 3000 and I don't think we're going back there. Maybe like a 5000  - we could touch that briefly.

Furthermore, Mr. Demeester suggests that BTC may reach a new all-time-high, but it won't be anytime soon.

It's Not So Easy to Jump Onboard 

To clarify these assumptions, Mr. Demeester added that a new generation of investors bought massively in 2018 and 2019.

People thought: 'It's like 2017 again, let's just jump on board and go front of the ride. We did go to 14 000 but I think it was a bit much too fast'.

In accordance with Tuur Demeester, the new "up-and-down" cycle for BTC will be much longer as we are still on a declining trajectory.

So, where is the bottom in your own opinion? $5,000 USD, $3,000, or below? Share your forecasts on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years

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  • Yuri Molchan
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    The Whale Alert account reports that nearly 89,000 ETH was wired to Poloniex from a wallet that had remained inactive since April 2018

$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years
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On Friday, the Twitter account Whale Alert that tracks large movements of crypto on the blockchain, spotted nearly 89,000 ETH (that’s around $13 mln in Ethereum) sent to the Poloniex exchange.

The account points out that the wallet which sent the money had been inactive since April 1 last year. No one has used it for nearly two years, apparently, waiting for the crypto winter to be over and hoping for a price surge afterwards.

One of the possible reasons of this wallet becoming active again is the Ethereum hard fork Istanbul which is about to happen today, on December 7, at block 9069000.

Very often the price of an asset goes up after a major upgrade (the Istanbul hard fork will not cause an appearance of a separate coin as it was with Ethereum Classic).

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Earlier, U.Today reported that the South Korean exchange Upbit suffered from a hacker's attack and lost around $50 mln in Ethereum. Whale Alert on Twitter has recently published data about $37 mln stolen from Upbit that was moved by the hacker from one wallet to another.

The head of Binance, CZ, has promised that all funds stolen from Upbit that would end up on Binance would be immediately frozen.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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