There have been various optimistic predictions about the price of Bitcoin, especially following the halving. After the miner capitulation was reportedly over, more analysts brought up the $100k bullish production.
At the moment of writing this article, Bitcoin is trading in the red, and the most important coin out there dropped in price by about 5% during the past 24 hours.
Bitcoin is trading at $9,182.38.
The $100k bull might be on hold
A popular margin trader on the crypto exchange BitMEX said that Bitcoin is getting ready for a new round of capitulation that will be getting rid BTC of bandwagoners and this will be putting the potential boost of BTC to $100k on hold.
The online publication the Daily Hodl brought up the trader, known in the industry as Flood who said that he expects a big BTC correction before the coin can head to new highs.
There will be a time to be super bullish and long every dip with no regard for financial safety, but that time is not now. Once all the people who thought $BTC would be a “Safe Haven” during high vol equity markets are flushed out we’ll have a glorious run to ATHs.
— Flood [BitMEX] (@ThinkingUSD) June 21, 2020
He said that the king coin will lose over 26% of its value in the near term.
Rapidly approaching the bull’s last line of defense. Previously it has just wicked past 8888-8600, if we start ranging while Equities are getting torched we should just teleport to 7100. pic.twitter.com/CjQW1erMDS
— Flood [BitMEX] (@ThinkingUSD) June 15, 2020
Earlier today, we revealed that there’s been a massive whale alert these days, but analysts still think that a bull cycle is about to begin.
BUY #BTC when whales send bitcoins out of the exchange. The BULL market usually starts four months after the exchange average withdrawal hits year-high.https://t.co/JPbe3Pcaaw pic.twitter.com/UMBtAacyTh
— Ki Young Ju (@ki_young_ju) June 22, 2020
Stay tuned for more Bitcoin-related info and predictions.