Bitcoin $100k Bull Run On Hold? Here’s The Reason
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.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.