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Few have called the Bitcoin price action as well as Dave the Wave has over the past few months; in the middle of last year, the analyst predicted a retracement to $6,400 when the BTC price was rallying above $10,000, and more recently, he called for a retracement from $11,000 to $8,500.
Now, he’s starting to lean bullish once again.
In an analyst published Sunday, the trader suggested that Bitcoin (BTC) is in the midst of “turbulence before take-off,” pointing to a chart that shows the current price action in the crypto market is reminiscent to that of late-2016, just months before Bitcoin began its rally from $800 to $20,000 in a year’s time.
Where Will the Rally Take Bitcoin? Although Dave the Wave did not mention his long-term targets in that tweet, he has suggested previously that the cryptocurrency could be on the verge of a 1,000% rally.
The analyst suggested that the cryptocurrency is still on a clear trajectory to enter a six-digit price point in the coming two to three years.
Dave backed this prediction by pointing out that Bitcoin is on the verge of finishing a fractal correction and is about to break past of a long-term descending trendline, which marked the two swing tops over the past two years.
A move past the trendline, which will soon line up with the long-term buying zone for Bitcoin, is likely to kick off a rally to $100,000, the trader suggested.
This lofty prediction can be backed up by the famous stock-to-flow model from PlanB, a pseudonymous quantitative analyst working for a European institution.
The model equates Bitcoin’s scarcity (inflation rate) to its market capitalization, suggesting the after the May 2020 block reward halving, BTC will have a fair price of around $55,000 to $100,000.
BITCOIN STILL ON TRACK FOR MASSIVE GAINS AFTER HALVING
Bitcoin has spent the weekend consolidating in the mid-$8k zone following a week of sharp declines through several levels of support.
The stock to flow model is still holding course though which means big gains could be ahead after the halving. Bitcoin has corrected around 20% from its 2020 peak to yesterday’s low of just over $8,400.
It has held in the mid-$8k range for a couple of days low leading analysts to believe that the bottom could be in.
With just 70 days to go to the halving, analyst ‘PlanB’ has revisited his stock to flow model noting that things are right on track with it.
The stock to flow (S2F) model examines the relationship between the production of supply and the current stock available.
Using this model, the analyst has predicted a rise to around $80-$100k in the months following the halving.
Previous events in 2012 and 2016 saw huge rallies in the years that followed and many are expecting that 2021 could be even bigger for Bitcoin than this year.
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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.