The crypto market looks pretty bloody today, with most of the coins trading in the red.
At the moment of writing this article, Bitcoin is no exception, and the king coin is trading at $9,696.28.
Bitcoin gets ready to exit a long bear market
The online publication the Daily Hodl brings up one of the few crypto analysts who correctly called Bitcoin’s 2019 pullback who now said that BTC is getting ready to exit a long term bear trend that kicked off about two and a half years ago.
The online publication mentioned above is talking about Dave the Wave who highlights Bitcoin’s movements inside a symmetrical triangle dating back to late 2017.
It’s been revealed that after Bitcoin failed to break above $10,300, he’s expecting it to reach lows of about $6,500 in September before it breaks out of the trend in April next year – exactly on April 15.
Just in case you don’t know, David became popular for his predictions. He was one of the few strategists who told traders back in June 2019 when BTC was trading for $13k to get ready for a correction.
He predicted that BTC would hit $60 until the end of the year and BTC did end up hitting $6,400 back in December.
He now said that BTC is getting ready for a bull that will be taking the coin to $150k. He’s expecting BTC to hit a peak in 2023.
Bitcoin will benefit from fiscal stimulus and money printing
He also said that the massive money printing and the fiscal stimulus will benefit Bitcoin.
Yes, not a conventional deflation, which would have everything centre on the dollar. More nuanced than that, I call it hyper-deflation, where financial assets deflate relative to the strongest currencies USD, then gold and BTC. BTC is the wild card here in this scenario.
— dave the wave (@davthewave) May 29, 2020
He also said that the predictions about the upcoming hyperinflation are blown out of proportions. He also said that the dollar would remain relatively strong.
