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Bitcoin Price on Verge of 1,000% Rally: Crazy Accurate Analyst Who Predicted BTC $6,400 Bottom

There are few Bitcoin traders that have been as accurate as Dave the Wave over the past year.

The pseudonymous cryptocurrency trader predicted in the middle of 2019 that the BTC price of the asset would retrace to the mid-$6,000s to enter a “long-term buying zone” after the over-300% rally that brought BTC from $3,150 to $14,000 in a few months’ time.

Bitcoin did just that, bottoming at $6,400 on December 18th, briefly entering the buy zone Dave the Wave laid out, offering investors with a rare opportunity to purchase the cryptocurrency at the peak of the feasible risk-return curve.

For the longest time, investors have been waiting for Bitcoin (BTC) to hit $100,000 – many think this is a price that will make the world, from Wall Street to Main Street, have true belief in BTC.

Right now, however, it seems entirely unfeasible for Bitcoin to hit $100,000 in the medium-term, for this price point lies around 1,000% higher than the current market price of $10,000 flat.

But, according to Dave the Wave, 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 the cryptocurrency 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, Dave suggested.

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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:

Stay encouraged with any pullbacksAfter multiple weeks of green, a couple weeks of downward price action would be fine

Many were looking for the opportunity to buy and this could present ample opportunities

— Josh Rager 📈 (@Josh_Rager) February 15, 2020

ALTS barely flinched during the $BTC dump. In fact, it was barely a dump and there was barely a dip to buy.

All signs of how strong this market is and how strong $BTC & ALTS are.

Anyone who says they see weakness is just seeing a mirage in their head.

— Satoshi Flipper (@SatoshiFlipper) February 15, 2020

Price movements under $20,000 have only been a distraction to shake you out before $100,000 #Bitcoin

— Crypto Rand (@crypto_rand) February 14, 2020

For those getting stuck or confused on the shorter term call, here’s my view going forward. If you’re a holder/ investor, ignore the short term calls and focus on the medium/ long term.

Main point being, a consolidation to the buy zone would set BTC up nicely for its run. pic.twitter.com/AC2gv5VrGI

— dave the wave (@davthewave) February 16, 2020

Crypto Markets See Red as Bitcoin Begins Correction, How Low Will BTC Drop?

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Economist and former Goldman Sachs hedge fund manager Raoul Pal says unprecedented global economic downturns could help underpin Bitcoin as the world’s reserve currency.

And what might that do for the Bitcoin price? Pal says he believes BTC could skyrocket all the way to $1 million before the next halving, which will occur in about four years.

Due to the devastation Covid-19 has caused the global economy, Pal says there’s a high probability that a new financial system will emerge that relies on digital currencies in multiple formats.

Pal, the founder and CEO of the Global Macro Investor, believes the market is betting on the Covid-19 recession/depression to last six months.

He thinks, however, that it’s more likely to last three years.

“It’s not clear how long it will take, but if this is a recession or depression, which I think it may well end up morphing into, and it drags on three years, I think three years would be the time horizon where they’re gonna have to do something, because I fear that the dollar is going to rise dramatically over this period of time, and basically that’s a wrecking ball to the global economy, the U.S. economy, and creating deflation as we go and a whole bunch of other problems.” 

That global economic crisis could, however, correspond with a Bitcoin explosion. When utilizing a log price scale to get a long-term outlook, Pal says the BTC price is on a path toward $1 million.

“When you look at the chart in a log scale, it looks also very extraordinary, because what’s useful about these kind of triangle patterns – I call them wedges – is that usually the size of the pole of the flag is repeated again. Now, if you did that using the log chart, it would take you to $1 million in this halving. Is that possible? Who the hell knows. I think it is. But it wouldn’t match the stock-to-flow model which says it might spike to [$250,000] or something like that.”

In other trending Bitcoin News today:

Bitcoin Climbs Past $9.5K as Analysts Stress ‘Decoupling’ From Stocks

A fresh surge sees BTC/USD well on its way back to $10,000 as the impact of its weekend crash continues to dissipate.

Bitcoin (BTC) rose to reclaim $9,500 on May 14 as the recovery from last weekend’s $1,200 crash gained fresh momentum.

Bitcoin’s futures this week contrast it even further with traditional markets and macro assets.

This stock “decoupling,” which Cointelegraph reported on previously, shows no signs of abating. 

As Cointelegraph analyst Scott Melker wryly summarized on Twitter:

“Remember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. They’re not correlated now, and they weren’t correlated before. Thanks.”

For fellow analyst Michaël van de Poppe, paying too much attention to correlating markets in times of crisis and afterward was a dangerous game.

“When shit hits the fan (which was in March), all correlations tend to go towards 1,” he tweeted on Thursday: 

“Since then, gold, silver & Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets. Don’t pin yourself on those correlations.”

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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:

When shit hits the van (which was in March), all correlations tend to go towards 1.

Sinc then, gold, silver & #Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets.

Don’t pin yourself on those correlations.$BTC

— Crypto Michaël (@CryptoMichNL) May 14, 2020

Remember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. They’re not correlated now, and they weren’t correlated before.

Thanks.

— The Wolf Of All Streets (@scottmelker) May 14, 2020

https://cointelegraph.com/news/bitcoin-climbs-past-95k-as-analysts-stress-decoupling-from-stocks

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“This is the most important Bitcoin breakout in BTC history”, says popular Crypto analyst CryptoBirb.

He’s referring to Bitcoin’s recent ability to break above a descending trendline and bull pennant that has been formed since the 2017 peak.

We saw a similar breakout in June of 2016, which is what sparked the massive uptrend that ultimately resulted in Bitcoin seeing a parabolic move to $20,000 in late-2017.

If history rhymes, this could mean that Bitcoin is entering the early phases of its next major bull trend.

ANALYST: BITCOIN MAY “TELEPORT” TO $13,000 IF IT BREAKS KEY LEVEL

Bitcoin is stuck beneath $12,000. This stalling momentum comes after the cryptocurrency incurred an incredibly strong uptrend that had led it from lows of $9,000 to highs of $12,000 in a matter of weeks.

The cryptocurrency’s ongoing consolidation phase suggests that buyers don’t have enough buying pressure to shatter the resistance that sits just above where it is currently trading.

It may also indicate that buyers are losing their momentum. Nonetheless, BTC is still just a hair away from closing above a crucial level that could allow it to “teleport” up towards $13,000.

It is essential to consider that BTC is currently in a multi-day consolidation phase directly after being caught within a strong bull trend.

This isn’t an uncommon occurrence within bull markets, and BTC could even dip lower while still maintaining its market structure.

The crucial level that buyers need to defend going forward sits at $10,500, which was previously a resistance level that had held strong for nearly a year.

If this level is broken below, it may negate the strength that Bitcoin has been incurring in recent weeks.

At the moment, it does not appear that any sort of sharp downtrend is imminent, as each dip over the past several days has been rapidly absorbed by buyers.

Despite its stalling momentum, Bitcoin is just a hair away from breaking above a crucial level that could lead it to see massive upside.

One popular cryptocurrency analyst spoke about this level in a recent post, noting that a close above the region between $11,800 and $12,000 could be all that is needed for BTC to “teleport” to $13,000.

“Weekly close above and you will witness an immediate teleportation to 13k,” he said.

In other trending Bitcoin News today:

ChainLink (LINK) Inches Closer to 100x in Returns Since ICO

Going back in time to September 2017 during ChainLink’s ICO, we find that the price per LINK on offer during the crowd sale was $0.11.

Doing the math and using the new all-time high value of $10.77, this translates to a return on investment of 97X.

This, in turn, means that for every $100 spent during the ICO period, investors are in profit to the amount of $9,700.

According to CoinCodex, those who used Ethereum and Bitcoin to participate in the Chainlink crowdfunding, have an ROI of 32.54x and 71.30x respectively.

Additionally, LINK marines are very much confident regarding the fundamentals governing the upward trajectory of ChainLink.

Some LINK marines have gone as far as declaring that they will start taking profits when the digital asset hits $100.

Below is one tweet that demonstrates investor confidence in ChainLink.

“We aren’t taking profits until $100”

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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:

Breakout from range confirmed when:➡️ successful retest of resistance as support (bouncing from it)➡️ bounce closes higher than previous high

Then and only then we can talk about 250k and endless financial freedom$BTC pic.twitter.com/0UgFUR6uCI

— Teddy (@TeddyCleps) August 6, 2020

Analyst: Bitcoin May “Teleport” to $13,000 if It Breaks Key Level

ChainLink (LINK) Inches Closer to 100x in Returns Since ICO

Analyst: Bitcoin Just Posted the “Most Important Breakout” in BTC History