Crypto analysts are weighing Bitcoin’s potential path ahead, as the leading cryptocurrency struggles to stay above the key psychological support level of $10,000.
A popular analyst known as Dave the Wave tells his 13,000 followers on Twitter that if Bitcoin repeats its pattern from the last big rally in 2017, it may be poised to drop to $7,000 or lower in the short term.
If you’re wanting to compare current price development to early 2017 then at least the 7K range is within striking distance…. pic.twitter.com/DtQfo6C2eR
— dave the wave (@davthewave) September 11, 2019
Fellow analyst Jonny Moe tells his crew of 16,000 he’s also feeling bearish on BTC’s short-term prospects, sharing a chart that compares the launch of Bakkt to the launch of CME’s Bitcoin futures in late 2017.
But according to Moe, the drop will be short-lived. He believes Bitcoin is poised to reach all-time highs in the new year.
GUYS, WE’RE STILL GOING TO NEW HIGHS IN 2020, THERE IS NO NEED TO BE UPSET
— Jonny Moe (@JonnyMoeTrades) September 10, 2019
Taking a giant step back for a broad overview, Ikigai Fund’s senior quantitative researcher Hans HODL dropped 21 Bitcoin charts from Coin Metrics to rebuff the naysayers. The charts highlight Bitcoin’s long-term momentum.
“I’ve heard people say that being involved in Bitcoin is a game of speculation. Some say it’s all about FUD, FOMO, Fear and Greed or following the crowd. I call BS. Let’s look at the data! Here are 21 Bitcoin charts from Coin Metrics that tell a different story.
The amount of data being stored on the blockchain has been increasing constantly,