Brace Yourselves For Bitcoin’s Final Dip
An analyst who called the start of BTC’s major correction back in 2019, said that traders who are waiting to catch the bottom of another BTC might miss their chance.
Bitcoin is due to another retracement, says analyst
He believes that BTC is due to one last retracement down to $6,400.
After that, he believes that Bitcoin will ignite a parabolic bull run that will be sending the coin to around $110k at the end of 2022.
He told his followers that bottom fishing BTC is not the smartest move out there.
He believes that traders should buy BTC is tranches before the king coin takes off.
As noted by the online publication the Daily Hodl, he believes that those that imagine they can buy BTC at the ideal buying price [at the bottom of the next and final dip] are fooling themselves.
“The best policy is to average in while price is in the ‘buy zone’… something I’ve been saying since the bottom of 3K over a year back.”
Support at 6.4K on the basis of the fib. pic.twitter.com/c2CBHXMfsY
— dave the wave (@davthewave) April 25, 2020
Considering the state of the global economy these days, Dave said that investors should forget about the stock-to-flow model which is tracing the scarcity of BTC in relation to the value.
He also said that people should forget about the notion that’s been flying around, claiming that the US dollar is at risk of hyperinflation.
Only the demand for BTC matters, according to his vision.
Due to the halving, there are various optimistic predictions about the price of BTC these days. Bloomberg also believes that we should expect a massive bull run.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
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.