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A crypto strategist who sent an early warning about the Bitcoin (BTC) big correction last year is back with another bold prediction.
Dave the Wave is highlighting a new outlook from entrepreneur and Bitcoin investor Bob Loukas, who expects BTC to crater at the end of the current bull cycle.
Dave predicts that after the current bull market, Bitcoin will go through a “solid correction” for a few years before restarting a new boom cycle that will catapult the leading cryptocurrency above $280,000 at the end of 2027.
BTC investor Bob Loukas tweeted:
“To date, cryptofinance remains a laughed at and obscure market on the fringe of finance. Near the top of the next great Crypto bubble, market cap and penetration will hit ‘warning levels’ that concern the financial establishment.
In response, I believe you’re going to see coordinated full attack that will send crypto into savage + prolonged bear market. (Time+Price) Of course, it will adapt. Engineers will dig deeper. And in many ways, that act will serve as its right of passage.”
In the short term, however, Dave is telling is 38,000 followers that the month-long Bitcoin correction may be coming to an end as technical indicators flash bullish signals.
“Third time lucky?”
The crypto strategist is also keeping a close eye on the performance of a select group of altcoins, which includes Ethereum (ETH/USD), Chainlink (LINK/USD), Cardano (ADA/USD), NEO (NEO/USD), Monero (XMR/USD), and Tezos (XTZ/USD).
Based on Dave’s chart, Chainlink has been the best performer since the 2018 bear market bottom, and it is closely followed by Ethereum, Cardano, NEO, Monero, and Tezos.
Dave compares the long-term timeframe charts of Ethereum and Bitcoin (BTC/USD).
By doing so, according to the trader, Ethereum is poised to explode as it is a full bull market cycle behind Bitcoin. “And the fuller history… suggesting ETH a cycle behind.”
In other trending Bitcoin News today:
THREE KEY REASONS WHY BITCOIN’S MACRO CHART IS STILL BULLISH
Bitcoin’s macro trend remains bullish despite its inability to hold above crucial technical levels during the summer rally.
One crypto-asset analyst recently shared a series of charts and tweets showing that there are multiple reasons to be bullish on Bitcoin from a macro time frame.
Three of these reasons are as follows:
– Bitcoin has flipped the middle of the macro 1,000 range into support, meaning it looks primed to test range highs at $14,000.
– Bitcoin recently broke the multi-year downtrend that originated from the $20,000 all-time high set in December 2017. The downtrend was even retested by Bitcoin in late July, suggesting that it is acting as support. BTC breaking this trendline is important as it acted as resistance in 2019.
– BTC retraced to the “golden pocket” Fibonacci Retracement level in March, suggseting there will be an “impulse wave” towards all-time highs over time.
Underlying on-chain trends agree with the positive sentiment put forth by the aforementioned trader.
Glassnode reported that the number of BTC whales has been on a strong incline since the 2018 lows:
“The number of Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months. An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.”
Other on-chain trends supporting Bitcoin growth include an increase in the realized cap and a decreasing number of BTC on exchanges, which should support price growth.
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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:
Three Key Reasons Why Bitcoin’s Macro Chart Is Still Bullish
https://cointelegraph.com/news/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support