Major Bitcoin Drop Is On Its Way, Before The Race To $100k, Crypto Strategist Says
Bitcoin was expected to hit $10k the other day, but it seems that the king coin is not able yet to surpass the vital psychological level.
10k is considered to be a level of a crucial importance that has always triggered massive FOMO among investors.
At the moment of writing this article, Bitcoin is trading in the red and the most important coin in the market is priced at $9,739.83.
Bitcoin might see a massive pullback ahead of the halving
It’s been revealed that the analyst who accurately predicted the beginning of Bitcoin’s big 2019 pullback said that Bitcoin might be due for a massive correction before it can kick off a new bull run.
Analyst Dave the Wave posted on his Twitter account that Bitcoin might be about to hit a resistance level that has been keeping the market bearish since 2018.
He said that Bitcoin will probably rally in the short run these days before igniting a strong sell-off that could bring the coin to above $6,000.
If we’re to see a year long manic market, a longer cycle, and diminished returns…. pic.twitter.com/Fv3z9bjgN4
— dave the wave (@davthewave) May 5, 2020
The analyst’s monthly chart shows BTC in a long-term descending triangle with a significant correction due sometime before 2021.
Dave is expecting Bitcoin to recover and eventually breach the resistance to launch the very next bull market.
Bitcoin to hit $100k by 2023
He is also expecting Bitcoin to hit $100k be 2023.
Dave predicted the 2019 retreat correctly.
Going forward, will use this thread to map out the correction. I think many will be surprised how low the price could go… but then this is the correction of a parabolic rise. Looking for a 50% correction, but keeping some powder dry should it drop a little lower. pic.twitter.com/GTuYoElHO4
— dave the wave (@davthewave) July 24, 2019
Bitcoin’s halving is supposed to take place in about two days from now.
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.