There are all kinds of optimistic predictions about the price of Bitcoin these days. Check out the latest one that just popped up in the crypto space.
It’s been revealed that a closely-followed crypto strategist whose credibility in the crypto space rose after he nailed Bitcoin’s collapse in March 2020 just said that he expects BTC to bottom out and print a new all-time high in the coming weeks.
He dropped a thread on Twitter in which he reveals his views about the price of the king coin.
“Same as the other time (January drop), open interest (OI) has dropped with the price. Late longs got rekt. This drop on the OI due to late longs liquidations mostly has helped the funding rates to reset. Also, shorts are trapped. They think the price hasn’t reached its bottom, so they are shorting the bounce, causing the funding to tend to be negative (bullish),” he said.
He also talked about a concealed divergence on both the Ethereum and Bitcoin charts.
“BTC and ETH RSI is forming hidden bullish divergences again, on the high timeframes. This divergence means trend continuation when confirmed. Pivot (invalidation) for BTC: weekly candle close below $33,000. Confirmation for BTC: weekly close above $57,000.”
New Bitcoin prediction
He also believes that BTC will hit $80k by the end of March.
New potential range between $60k and $42k
Target after consolidation above the range high: about $80k
— il Capo Of Polkadot (@CryptoCapo_) February 20, 2021
Someone commented: “My net worth would be a fraction of what it is today if I listened to the mainstream media every time they claimed #Bitcoin was over. If you want to stay poor, listen to the mainstream media. If you want to get rich, be an independent thinker and ignore the noise.”
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $47,291.43.