After a jaw-dropping 30 percent rally in two weeks, Bitcoin has finally begun to take some time to cool off.
While there are some analysts saying that BTC failing to break above this 4 percent range is a clear sign of a bearish reversal back to the $7,000s and maybe even lower, an eerily accurate cryptocurrency trader has begged to differ.
Few analysts have called Bitcoin's recent price action as well as Dave the Wave.
The pseudonymous trader in the middle of 2019 claimed that he expects for BTC to drop by dozens of percent to bottom in the mid-$6,000s, which it did months later.
That it did, with Bitcoin surging 30 percent higher to current levels as aforementioned.
Bitcoin recently broke above a descending channel that has constrained price action for more than six months, marking a large win for bulls.
This analysis, based on miner profitability amongst other factors, accurately called BTC's sudden vertical spike to $10,000 then the subsequent drop to the low-$6,000s.
The same chart now suggests BTC will push above $10,000 in January or February of 2020.Fundamentals suggest Bitcoin price upside too.
The Bitcoin halving: In around four months' time, Bitcoin will see what is known as a "Halving" or "Halvening," when the block reward of Bitcoin gets cut in half, effectively resulting in a 50% decrease in the inflation rate of the leading cryptocurrency.
Fundstrat believes that global conflicts could push BTC higher in 2020.2020's presidential election: Fundstrat did not expand on why they believe the upcoming presidential election for the U.S. may act as a boon for the Bitcoin market.
Eerily accurate trader who called Bitcoin's $7,000 drop says 30% rally is next
Published on Jan 17, 2020
by Cryptoslate | Published on Coinage
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