It goes without saying that Bitcoin’s price action over the past few weeks has shaken many digital asset investors in the industry. The crash from $10,000 to $8,400 liquidated dozens of millions worth of leveraged positions, forcing many on the sidelines, data from Skew.com shows.
Unfortunately, the cryptocurrency is likely to retest $8,400 once again, a top analyst has warned.
Bitcoin Could Soon Retest $8,400, Warns Top Analyst
Few have called Bitcoin’s price action as well as Dave the Wave has over the past few months; in the middle of last year, the analyst predicted a retracement to $6,400 when the asset was rallying above $10,000, and more recently, he called for a retracement from $11,000 to $8,500.
Now, he’s suggesting that BTC is on track to hit $8,400 in the coming weeks, likely in April. A chart accompanying this forecast suggests that Dave expects this to happen because Bitcoin falling to the local lows will satisfy its repeating pattern of occasionally revisiting a long-term curve that has predicted BTC’s overall trajectory for the past two years.
Sure enough, daily momentum looks to be turning around for a bounce… pic.twitter.com/nzuvK5mNkS
— dave the wave (@davthewave) March 4, 2020
Still Long-Term Bullish
Despite Dave’s concern of a short-term decline, he remains confident that the leading cryptocurrency is on a trajectory of long-term growth past the $20,000 high of 2017.
Per previous reports from NewsBTC, he said that Bitcoin is in the midst of “turbulence before take-off,” pointing to a chart that shows the current price action in the crypto market is eerily reminiscent to that of late-2016, just months before Bitcoin began its rally from $800 to $20,000 in a year’s time.
This is it. The turbulence before take-off…. pic.twitter.com/4RtAVaoPXy
— dave the wave (@davthewave) March 1, 2020
Dave the Wave believes that BTC is on track to hit a six-digit price point in the coming two to three years. Dave backed this prediction by pointing out the cryptocurrency is on the verge of finishing a fractal correction and is about to break past of a long-term descending trendline, which marked the two swing tops over the past two years.
A move past the trendline, which will soon line up with the long-term buying zone for Bitcoin, is likely to kick off a rally to $100,000, the trader suggested.
This lofty prediction can be backed up by the famous stock-to-flow model from PlanB, which equates Bitcoin’s scarcity to its market capitalization. Proven to be cointegrated with BTC’s price and having been backtested to a 94% R Squared, the model suggests BTC will have a fair price of around $55,000 to $100,000 after the 2020 block reward halving in May.
Featured Image from Shutterstock origin »
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Cryptos trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data. The Fed expressed caution around inflation, especially as Trump’s policies will kick in after his inauguration on Jan.
