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A crypto analyst who called Bitcoin’s dramatic 2019 correction says Bitcoin (BTC) is well-positioned for a boom and bust cycle that brings the Bitcoin price to $400,000.
The pseudonymous strategist, known in the industry as Dave the Wave, accurately predicted the start of Bitcoin’s 2019 reversal.
On July 11th of last year, with BTC at $11,600, the analyst said Bitcoin appeared to be at the start of a parabolic downtrend that would last until the king of crypto hit $6,000 at the end of the year.
The prediction turned out to be remarkably on point, with the BTC price reaching a yearly low of $6,425 in December.
Dave is now updating his long-term Bitcoin forecast. By plotting a curve based on Bitcoin’s past price history, he expects BTC to witness decreasing volatility in the decade ahead.
He predicts BTC will spike to around $110,000 at the end of 2022, followed by a crash to a low of $30,000 in 2025.
After that, the analyst believes Bitcoin will begin a long-term grind that will end at around $400,000 in 2029.
In the short term, economist Alex Krüger says BTC may push from its current price of just over $7,000 to $7,700.
But after that, he’s expecting another retracement to $6,400.
However, Krüger warns that Bitcoin appears to remain closely correlated to traditional markets, and all bets are off if the stock market takes another beating.
“[Bitcoin’s price action] would depend on what stock indices do. Bitcoin continues to trade like a risk-on asset. Rolling correlations between BTC and the S&P 500 remain around historical highs.”
FRACTAL ANALYSIS: BITCOIN PRICE WILL ROCKET 35% HIGHER AHEAD OF HALVING
Despite the overarching risks of an economic recession, Bitcoin has performed well over the past few weeks, rallying higher and higher over week after week, shunning off bearish narratives.
In fact, since the $3,700 bottom, the cryptocurrency has gained over 80%, reaching as high as $7,500 but now trading at $7,050 as of the time of this article’s writing.
What’s crazy is that just a few weeks ago, there were analysts seriously thinking the cryptocurrency was on its way to fresh macro lows, meaning a low below Bitcoin’s bottom of $3,150 in December 2018.
Now, analysts are expecting the cryptocurrency to rally even higher, with a prominent trader suggesting BTC could begin a multi-week surge towards $9,000 in the coming days.
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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.
Show Notes / Resources:
In the event this continues to play out I’m expecting a green start of the week followed by 8800-9000 next weekend. https://t.co/a47pnvmIeb for who’s curious about the tools.
And most important. Anything under 7000 is probably a gift right now.
— Galaxy (@galaxyBTC) April 17, 2020
7700/7800 is a big deal for $BTC. There’s many different fib levels given how different exchanges had very different March lows, mainly courtesy of Bitmex.
— Alex Krüger (@krugermacro) April 16, 2020
Fractal Analysis: Bitcoin Price Will Rocket 35% Higher Ahead of Halving