A crypto analyst who called Bitcoin’s 2019 bottom thinks BTC is likely in the early days of a massive bull run.
The technical trader, known in the industry as Dave the Wave, has updated his long-term chart that accurately identified Bitcoin’s 2019 reversal.
The chart, which plots Bitcoin’s path using a logarithmic growth curve, shows BTC’s recent bull trend is well intact, with Bitcoin’s recent drop below $10,000 a blip on the radar. Dave believes BTC will skyrocket to the $110,000 range over the next couple of years – growth of 1,022% from the current price of $9,803 at time of publishing.
“For those getting stuck or confused on the shorter term call, here’s my view going forward.
If you’re a holder/investor, ignore the short term calls and focus on the medium/long term. Main point being, a consolidation to the buy zone would set BTC up nicely for its run.”
In the short term, however, the analyst says it’s possible BTC could continue to correct down to the $8,400 range.
“IF BTC continued to correct, could see 8.4K – 50% retracement along the lines of the previous corrections… though on different scales.”
Analyst Josh Rager agrees with the short-term outlook. He says traders who were looking for a significant Bitcoin pullback may get their wish.
According to Rager, Bitcoin now needs to hold above $9,800 to avoid a bigger move to the downside.
“Stay encouraged with any pullbacks. After multiple weeks of green, a couple weeks of downward price action would be fine. Many were looking for the opportunity to buy and this could present ample opportunities.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. » Read Full Article «