2023-10-11 15:00 |
Crypto analyst Wise Advice, aka Money Guru, is warning the latest Bitcoin rally may represent a “fake pump” that will precede another capitulation wave down to $12,000. In a recent tweet, he laid out expected price moves in the near term.
According to Money Guru, Bitcoin’s temporary bounce from under $17,000 is likely nearing exhaustion already. He expects a move down to the $19,000 to $20,000 range as the next downside target.
Around that zone, he predicts a brief recovery as battered bulls buy up discounted Bitcoin. However, Money Guru contends this will mark only a short-term reprieve rather than a durable bottom.
After the bounce runs its course, the analyst asserts Bitcoin will then plunge in a final capitulation wave toward $12,000. He maintains that this will mark the culmination of the brutal bear market. For investors with a longer time horizon, Money Guru suggests waiting patiently for this ultimate washout.
Other market observers have put forward similar price projections, forecasting a final plunge below $15,000. This would represent over a 70% decline from Bitcoin’s all-time high, aligning with the severity of past bear cycles.
However, not all analysts foresee doom and gloom for Bitcoin as the likely path forward. Some contend the worst is likely already over following its brief dip under $17,500 and expect ranges rather than a new major leg down.
As with any prediction, Money Guru’s outlined roadmap may or may not pan out as described. Given crypto’s volatility, targets can be invalidated quickly by unforeseen catalysts or whale maneuvers.
Still, his overall thesis of an impending relief rally ahead of one final capitulation aligns with how previous massive Bitcoin drawdowns have unfolded. For traders prudent enough not to attempt to call a bottom prematurely, the proposed scenario offers an insightful possibility.
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The post Bitcoin ‘Fake Pump’ Is Over, Analyst Says BTC Headed to $12k – Here’s His Outlook appeared first on CaptainAltcoin.
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