Bitcoin (BTC) Rally Could Face A Correction Of 80%
After a lot of optimistic Bitcoin-related predictions have been flooding the crypto space this year, especially since April which marked the return of the bulls in the crypto market, there seem to be more and more predictions claiming that the price of BTC is about to drop.
Tone Vays said that there might be a drop to $5,000 in the cards for BTC
We reported earlier today that cryptoanalyst Tone Vays presented his theories on where the price of the most important crypto in the market is heading.
In a new post on Twitter, Vays said that BTC’s recent failure to push past the resistance at around $12,500 shows that the bears will make a massive comeback, unfortunately. He said that he could be a buyer at around $9,000 but warned that BTC could drop as low as $5,000.
In the long term, Vays said that BTC would no longer be at the risk of going below $5,000 by the end of 2020. It’s also important to mention that BTC’s next halving is set to take place in May 2020.
Peter Brand also says that BTC could see a massive correction
Peter Brand also says that Bitcoin’s 2019 rally that we have been witnessing since April will see a massive correction.
He believes that the price of BTC could drop by 80% if the most important crypto in the market falls of its current parabolic curve, as reported by the online publication the Daily Hodl.
It seems that the trader highlighted this scenario on Twitter.
If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope. $BTC Note formation of possible 2-wk H&S or H&S failure pic.twitter.com/6IF1bHREAv
— Peter Brandt (@PeterLBrandt) July 7, 2019
It’s important to mention that the man became more famous after he predicted the start of the past Bitcoin bear market.
“If Bitcoin’s advance from around $3,150 to a high of $13,785 drops by 80%, Bitcoin would fall back down to about $5,277,” Brandt believes, as reported by the Daily Hodl.
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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.