Bitcoin Price Should Rebound, Says An Analyst that predicted the Recent Decline

News / 21.12.2019

The price of BTC surged over $10k in June this year and almost all traders anticipated further upsurge.

However, an analyst known as ‘Dave the Wave’ regularly called for the return of rationality to the crypto markets, based on the claims that the uptrend over $10k represented overextension of the long-term growth curve of Bitcoin. The analyst maintained that BTC was positioned to revisit $6.7k.

The forecast of the analyst was in recent times proven correct as the price of Bitcoin declined from $8k to $6.7k. In spite of the current bearish factors in this market, the analyst thinks that BTC is ready to return to the upside, based on some technical factors.

In recent times, he highlighted “M1, M2, and M3” readings for the price targets, and they are used in traditional markets to measure various forms of “money” in the global economy. He maintained that his retracement targets have been attained.

These retracement values are remarkable to technical analysts because they are Fibonacci Retracement values. The attainment of the retracement values stated by Dave means that crypto may rebound in the near-term. In another tweet (below), he expressed his next expectation.

He highlighted the above following his assertion that BTC will bottom in the $6ks:

However, market participants will try to consider what other analysts are saying; to agree or disagree.

In the argument of a renowned crypto trader known as Velvet, he maintained that “this week[‘s close]” for BTC is “very important.” That is, BTC needs to hold a major trend line when the market closes on Sunday.

It is noteworthy that the trend line always ended up in bear markets each time Bitcoin crossed under it. At the moment, it is at the high-$6ks, and the price of Bitcoin is over it.

Velvet further remarked that the price of BTC may attain $20k by March 2020 based on the upsurge that followed previous halvings, because of the anticipation that a negative supply shock would hit the market.

 

Featured image courtesy of Shutterstock. Source: CryptoPress.

avatar
Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.