No moon for Bitcoin is 2019 - Anthony Pompliano

Bitcoin is consolidating Sunday losses. BTC/USD is changing hands at $3,530, down 2.5% on the day-over-day basis. The cryptocurrency has lost about 15% from the peak reached $4,110 on January 7.

The leading crypto investors and opinion leaders continue with their attempts to forecast the future of Bitcoin and to foresee its next price movements. Anthony Pompliano, aka “Pomp”, the founder of Morgan Creek Digital Assets, believes that Bitcoin is close to its bottom as the bears have exhausted their potential. Speaking at CNBC Africa’s “Crypto Trader” segment, he explained that further sharp declines are unlikely as well as the chance for an impressive recovery in 2019. In other words, Mr. Pompliano expects BTC/USD to trade in $2,500 - $4,500 range for the better part of 2019. 

Meanwhile, the head of the Morgan Creek noted a steady process of cryptocurrency adoption despite the bear market. To prove his point, he noted that Bitcoin's hash rate quadrupled at ist 2018’s peak, while the number of transactions has been growing on a month-over-month basis from March 2018.

Bitcoin's technical picture

BTC/USD needs to recover above $3,700 resistance guarded by SMA200 (4-hour). Once this hurdle is cleared, the upside may be extended towards a more serious resistance created by a confluence of SMA100 and SMA50 (4-hour) at $3,800. It separates us from the critical $4,000 level.

On the downside, the initial support is created by $3,500. If it gives way, the sell-off will gain traction and take the price towards $3,435, which is the lowest level since December 18. The critical lies with $3,200.

BTC/USD, 4-hour chart