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The pseudonymous crypto trader who accurately predicted the Bitcoin collapse of 2019 says BTC is due for one more test before launching a mega bull rally.
In a new tweet, the analyst who is known in the industry as Dave the Wave says it is within the realm of possibility for Bitcoin to continue consolidating for the rest of the year.
“What if the major line of resistance first identified became a rough line of support for price to grind down slowly over the course of the fourth quarter to meet the log growth curve? This would set up perfectly for the run up going forward…”
Based on the crypto analyst’s chart, Bitcoin may continue hovering above the former resistance of the ascending triangle that ended the 2017 BTC bull run and kept the market bearish for over two years.
Dave’s chart also shows that the previous resistance and the logarithmic growth curve will touch base on December 31st, 2020.
According to Dave, the meeting of two support lines can ignite a bull market that catapults the Bitcoin price to $120,000.
Should Bitcoin follow Dave’s script, he says the consolidation should give investors a chance to accumulate BTC in the buy zone for several months before it launches a manic phase.
In other trending Bitcoin News today:
New Bitcoin-Stablecoin Metric Reveals ‘Intense’ Buy Pressure
A new Bitcoin (BTC) metric says that investors are still much more interested in buying than selling at $10,000.
In a tweet on Sep. 7, Ki Young Ju, founder of on-chain analytics resource CryptoQuant, unveiled his latest tool for tracking Bitcoin investor sentiment.
Dubbed “Potential BUY/ SELL Pressure,” the tool takes exchanges’ total BTC reserves and divides them by stablecoin reserves.
The resulting number provides a rough impression of trader appetite, and it is currently skewed to the bullish side.
“BTC still has intense buy pressure. Exchanges are holding more stablecoins and fewer BTC compared to the beginning of this year,” Ki tweeted.
“I think we still have room for BTC bullish trend.”
Ki added one proviso to the data — that exchange traders could use stablecoins to purchase cryptocurrencies other than BTC as well as hold Tether (USDT) to buy at lower prices later.
The environment on exchanges is decidedly in a state of flux with Bitcoin’s latest price action.
Tether, the largest stablecoin, has passed a total market cap of $14 billion, while other recent data also suggested that buyers were looking to use stablecoin assets to snap up BTC at lower prices.
That came in the form of Glassnode’s stablecoin supply ratio (SSR), which recorded a level three times stronger in late August than in June 2019, when BTC/USD traded at an identical price point — $11,400.
In other trending Cryptocurrency news today: Top Analyst Names 8 DeFi Gems Set to Pop, Says Bitcoin and Four Altcoins Worth Holding for Long Run Closely-followed trader and crypto strategist Josh Rager is eyeing a handful of decentralized finance (DeFi) assets along with a small number of cryptocurrencies that he deems worthy to hold long term.
In a new tweet, Rager says he sold some of his positions on altcoins that he doesn’t want to hold for the next 12 months.
The trader says he feels secure in making long-term investments in Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK), Zcash (Zec), and Polkadot (DOT).
Rager’s optimism in the top cryptocurrency comes as Bitcoin bulls stepped up and successfully defended key support of $10,000.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.