2019-12-4 21:00 |
While most of the crypto analysts across the market spent the bulk of 2019 overly optimistic and bullish, expecting Bitcoin’s bull run to have already commenced, one crypto analyst has remained cautious, waiting for Bitcoin’s parabolic rally to cool off and come back down to the “buy zone.”
That “buy zone” has been hit, although the analyst expects the leading cryptocurrency by market cap to remain within that buy zone for the bulk of 2020, putting Bitcoin in full “accumulation mode.”
Crypto Analyst: Bitcoin Will Remain in Buy Zone Throughout 2020The crypto market is a fast-paced, wild-west style market that never sleeps or closes, and is filled with outspoken and often eccentric individuals acting as analysts, hoping to make predictions about future market movements to both profit and grow their followings.
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Many of these short-sighted, fly-by-night analysts focus on short term swing trades only, giving them the appearance of being experts in space. However, they often fail to look at the bigger picture, or fail to take the approach of a long-term investor.
One prominent crypto analyst who almost solely focuses on long-term plays on assets like Bitcoin or precious metals, and even altcoins, has long shared charts that targeted the current price levels as an ideal buy zone. Some of the charts calling for Bitcoin to trade within this level were shared long before the crypto asset ever topped out in late June and early July.
BTC longer term.
Predicting price next year in the buy zone, which sets up nicely for the next parabolic run going forward. Accumulation mode. pic.twitter.com/feO1Lk7kh1
— dave the wave (@davthewave) December 4, 2019
Buying BTC In the Zone Could Result in Major Financial UpsideThe analyst’s theories are based on Bitcoin’s long-term logarithmic growth curve, which the analyst claims serves as ongoing support for the crypto asset, which typically returns back to the curved support line, acting as at the asset’s “mean.”
After Bitcoin’s 2019 parabolic rally got overheated a little too fast, the analyst has long expected a return to mean that would take Bitcoin back down to $6,700.
Related Reading | Perceived Bitcoin Value Outpaced Peak Crypto Bubble Mania
Now that Bitcoin price has reached the analyst’s targets for a low, he claims that while the first-ever cryptocurrency’s price may drop lower than current levels, it won’t stay there very long and instead will trade within this “buy zone” range for the majority of 2020, putting Bitcoin in “accumulation mode” according tot he analyst.
Bitcoin was accumulated very briefly at the start of 2019, but it resulted in a breakout and parabolic rally into an echo bubble. And while some are still holding out hope for Bitcoin to reach $55,000 by its halving according to the highly cited stock-to-flow model, staying within the buy zone for nearly a year before the bull market begins could be a financial opportunity of a lifetime.
The post Bitcoin To Spend 2020 In Accumulation Mode, Ideal Buy Zone appeared first on NewsBTC.
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