Maslatón considers it essential to look at human behavior to predict the value of Bitcoin. The expert warns that Bitcoin has not reached its breakeven price but will continue moving.
Argentine financial market analyst Carlos Maslatón recently talked about some of his secrets to predicting the price of Bitcoin (BTC). The expert explained that it is necessary to understand human behavior for anticipating its value months or years in advance.
The analyst said that many people might start selling to take profits during a sharp rise in the price. That causes the value to drop and affects several people that have bought expensively.
He warned that those entering at the end of the top would not buy more until the price returned to the previous resistance. The downward trend might leverage late-stage entrants, forcing them to sell cheaply.
Maslatón said some might decide to sell low or even high since they cannot afford to wait. He suggested they may need the money for something and cannot depend on it. The big sale causes a correction or drop in value, something natural in the market.
He also noted that someone having several products with falling prices in an investment portfolio might sell those with rising ones to offset losses. He highlighted that the economy is human action and subjectivity.
Therefore, he considers that the fundamental analysis is incomplete if it does not include both technical and human behavior. He explained that the issue that Bitcoin or gold is a store of value does not exist. He said that they are assets that serve as a hedge against crises.
Maslatón believes that a market crash causes everything else to fall, commenting that analyzing what happened is necessary as there seems to be no logic. He added that seeing what people think on social networks and the volume of sales or purchases helps understand the behavior of traders.
Listening to People Allows Predicting the Price of Bitcoin
Maslatón pointed out that Bitcoin seems to have found its breakeven price in the last year. It almost reached USD 64,000 in April, it fell below USD 30,000 in July, and it reached an all-time high of USD 67,800 in November. It hit its lowest value at USD 35,000 since then in January 2022.
However, the analyst warned that this does not mean it has reached a breakeven level. He said that nothing in the world is balanced, as everything is in continuous movement.
For that reason, he considers that listening to everything that others say allows making economic predictions. He commented that he does not follow metrics that indicate market sentiment, but he does not rule out using them.
He jokingly said he would survey people in the United States, asking whether they think Bitcoin would go higher or lower. Then he would act in the opposite way to what the majority has answered.
The financial market analyst did not recommend or advise buying Bitcoin. He thinks the cryptocurrency may have a significant rally as it did between 2020 and 2021. He believes this rise has already started in the last few weeks.
The expert believes that the Bitcoin price could reach USD 96,000 to USD 116,000 in the next few years. However, he thinks this could only happen if it does not drop below USD 37,500.
By Alexander Salazar
