Bitcoin to Bottom at $6,000, Surge to All-Time High by Halving: Analyst
Over the past 48 hours, Bitcoin (BTC) price has started to show some strength.
After the brutal drawdowns that were seen early this week, which saw BTC unravel to $7,700 from $10,200, this strength has been welcomed.
Related Reading: Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average However, one analyst says that it’s not over for Bitcoin just yet, claiming in a recent analysis that the cryptocurrency still has at least another 25% to fall from here.
Yet, the same analyst expects for BTC to start flirting with its previous all-time high of $20,000 in eight months’ time.
What’s Next for Bitcoin? According to a prominent technical analyst, Bitcoin’s collapse isn’t just done yet.
In a recent Twitter post, they remarked that Bitcoin’s markdown phase is yet to complete, seemingly looking to the fact that the cryptocurrency is below a set of prominent moving averages, and is thus weak.
What’s most likely according to them is that BTC falls to the key supports in the low-$6,000s by November, accumulates there into January of 2020, then rockets higher into May 2020’s block reward reduction event known as a “halving” or “halvening”.
The trader’s analysis corroborates a much-ballyhooed historical trend that prior to a halving, Bitcoin sees months of “reaccumulation” after an early-stage bull market expansion and an initial bottoming process.
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After the brutal drawdowns that were seen early this week, which saw BTC unravel to $7,700 from $10,200, this strength has been welcomed.
Related Reading: Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average However, one analyst says that it’s not over for Bitcoin just yet, claiming in a recent analysis that the cryptocurrency still has at least another 25% to fall from here.
Yet, the same analyst expects for BTC to start flirting with its previous all-time high of $20,000 in eight months’ time.
What’s Next for Bitcoin? According to a prominent technical analyst, Bitcoin’s collapse isn’t just done yet.
In a recent Twitter post, they remarked that Bitcoin’s markdown phase is yet to complete, seemingly looking to the fact that the cryptocurrency is below a set of prominent moving averages, and is thus weak.
What’s most likely according to them is that BTC falls to the key supports in the low-$6,000s by November, accumulates there into January of 2020, then rockets higher into May 2020’s block reward reduction event known as a “halving” or “halvening”.
The trader’s analysis corroborates a much-ballyhooed historical trend that prior to a halving, Bitcoin sees months of “reaccumulation” after an early-stage bull market expansion and an initial bottoming process.
Follow me on
Twitter: https://twitter.com/cryptoexpert20
IF you be an admin for your telegram group you can order from the link
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