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One of the few cryptocurrency analysts to correctly call the 2019 Bitcoin pullback says he believes BTC is gearing up to finally exit a long-term bear trend that began about two-and-a-half years ago.
In a series of charts, Dave the Wave highlights Bitcoin’s movements inside a symmetrical triangle dating back to late 2017.
Since the Bitcoin price failed to break above $10,300 earlier this week, Dave now expects BTC to reach a low of about $6,500 in September before it finally breaks out of the trend for good by April 15th of next year.
Dave is closely followed in crypto circles because he was one of the few strategists who told traders back in June of 2019, when Bitcoin was trading for $13,000, to prepare for a significant correction.
He predicted BTC would fall to a low-$6,000 range by the end of the year. BTC ended up hitting a bottom of around $6,400 in December.
Dave now believes the crypto king is preparing for a long-term parabolic rally to $150,000, hitting a peak sometime in the year 2023.
The analyst says Bitcoin is poised to benefit from fiscal stimulus and increased money printing, but he believes predictions that hyperinflation is coming are overblown.
Instead, he expects the dollar to remain relatively strong compared to other currencies as an overall fiat devaluation occurs.
“Many think hyperinflation, based on simple monetary theory, is the key that unlocks the mysteries of the monetary universe. In reality, it’s an ideology for lazy minds.”
In other trending Bitcoin News today:
BITCOIN IS PREPPED TO SURGE TO $14,000 AS PRICE CONSOLIDATES AT CRUCIAL LEVEL
For the third time in the past year, Bitcoin saw a strong rejection at the $10,500 price point on June 2nd.
Per a previous report from Bitcoinist published June 2nd, the leading cryptocurrency tanked by $1,500 in literally three minutes on BitMEX.
At its worse, the reversal meant that Bitcoin was down to $8,600 from the $10,450 highs, which resulted in over $100 million worth of long positions being liquidated on BitMEX alone.
Many immediately took the move as a harrowing sign as to whats’ to come for the cryptocurrency market: $10,500 marked the highs of the rally in October and the one that ended this February.
Each time, prices failed to pass BTC, then crashes followed.
But even in the face of the rejection, analysts are still optimistic about what comes next for Bitcoin.
Since the $2,000 drop, Bitcoin has jumped $1,200 higher.
The asset now trades at $9,800, consolidating in the $9,000s just days on from the crash that occurred.
BTC remains below the $10,450 high, but the bounce back near the local highs have been welcomed.
One trader shared the image below on June 5th, writing that the asset is poised to see “more downside.”
What is being depicted is Bitcoin’s macro price action but inversed; inversion is a tactic often used by traders to “eliminate bias” from their analysis.
According to the trader’s analysis of the inversed chart, Bitcoin is prepared to rally back to the 2019 yearly highs of $14,000 in the coming weeks.
The same trader further indicated his bullish sentiment in another analysis. He said that as long as Bitcoin holds $9,600, which he marked as a notable level on a short-term perspective, he sees “no reason why 11k would not be next.”
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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:
$BTC Renko SimilaritiesDivergence present into ~18% correction.The correction began a fresh run for ~80% gains.Current PA is looking very similar in structure to the last significant BTC run.If I throw Cubans bands on the similarities continue.
Let this scare or excite. pic.twitter.com/ImXro3TqOf
— Cold Blooded Shiller (@ColdBloodShill) June 2, 2020