$100k Bitcoin Forecast Is Adjusted
There have been all kinds of optimistic and bullish predictions about the price of Bitcoin these days, especially following the May halving.
Bitcoin has been consolidating above the important level of $9,000 for a while now, and upwards price moves are expected.
It’s been reported that the crypto analyst who predicted Bitcoin’s retracement back in 2019, updated his roadmap to BTC’s surge to $100,000 as the king coin is approaching the apex of a long term triangle.
Bitcoin is poised for a big move
Trader Dave the Wave recently said that Bitcoin is poised for a big move as the king coin shows signs of compression.
Momentum and volatility flat-lining as price coils within the business end of the triangle. A picture of diminishing returns/ price discovery if there ever was one, and based on what price is actually doing, not what it ‘ought’ to do.
Shaping up nicely for the move going forward pic.twitter.com/prrdi576XD
— dave the wave (@davthewave) July 15, 2020
If we look at his chart, we can see Bitcoin losing steam as seen on the LMACD. “The indicator is designed to reveal changes in an asset’s trend, strength, and momentum,” as reported by the online publication the Daily Hodl.
Also, BTC’s volatility is ready to hit all-time lows.
Shorter term thread
Following the script so far…
Consolidation after a massive move up – bullish going forward. i.e.; no reason to panic even if price came off a couple of K. pic.twitter.com/q6LSXLZixJ
— dave the wave (@davthewave) July 16, 2020
Someone responded with: “Crypto investing (in the noble long term meaning of it) is actually simple when you plan to buy now and enjoy if it goes up, or buy more (twice more) if it goes down.”
At the moment of writing this article, Bitcoin is trading in the green and the coin is priced at $9,174.03.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.