Crypto Predictions: Bitcoin Forecast – Will The Crypto Be Able To Remain Above The Key Psychological Level Of $10k?
The crypto market has been extremely volatile lately, but this did not stop the positive predictions from pouring like there’s no tomorrow.
At the moment of writing this article, Bitcoin is trading in the red on CMC, and the most important coin in the market is priced at $10,326.10.
Now, crypto analysts are carefully looking at Bitcoin and analyzing whether the coin is able to remain above the psychological support level of $10k.
Bitcoin could reportedly fall to $7,000
A popular analyst who is known as Dave the Wave told his $13,000 followers on Twitter that if Bitcoin is able to repeat the pattern from the massive rally dating back in 2017, then it may be poised to drop to $7,000 or even lower in the short term.
If you're wanting to compare current price development to early 2017 then at least the 7K range is within striking distance…. pic.twitter.com/DtQfo6C2eR
— dave the wave (@davthewave) September 11, 2019
The Daily Hodl online publication also notes that another analyst, Jonny Moe told his followers that he also has some bearish feelings regarding the short-term prospects of the coin.
He shared a chart that compares the launch of Bakkt to the launch of CME’s Bitcoin futures in late 2017.
According to him, this drop will be a short-lived one and it’s also worth noting that in his opinion, Bitcoin is poised to reach all-time highs during 2020.
New highs for BTC in 2020
The online publication the Daily Hodl also notes that the Ikigai Fund’s senior quantitative researcher Hans HODL dropped 21 Bitcoin charts from Coin Metrics to “rebuff the naysayers.”
The charts highlight Bitcoin’s long-term momentum.
GUYS, WE'RE STILL GOING TO NEW HIGHS IN 2020, THERE IS NO NEED TO BE UPSET
— Jonny Moe (@JonnyMoeTrades) September 10, 2019
HODL said the following:
“I’ve heard people say that being involved in Bitcoin is a game of speculation. Some say it’s all about FUD, FOMO, Fear, and Greed or following the crowd. I call BS. Let’s look at the data! Here are 21 Bitcoin charts from Coin Metrics that tell a different story.”
HODL continued and explained that “The amount of data being stored on the blockchain has been increasing constantly, regardless of the price.”
And regarding the reason for which people want to send data via the BTC blockchian: “It’s all about trust and the ability to transfer value without asking permission!”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.