Just the other day, Bitcoin surprised everyone with a significant drop in price.
While crypto enthusiasts have been waiting to see the king coin breaking past the important FOMO0trriggering level of $10k, Bitcoin dropped around $9,000, due to a sell-off.
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $9,079.84.
Bitcoin is ripe for a pullback, says analyst
An analyst who called the beginning of Bitcoin’s big correction last year said that BTC is now getting ready for a new pullback, according to the latest reports coming from the online publication the Daily Hodl.
The pseudonymous trader Dave The Wave tells his followers on Twitter that BTC is knocking on a resistance level that has kept the market bearish for ver two years.
If BTC will continue to respect the long-term resistance, Dave the Wave is seeing a strong sell-off that could push BTC down to $6,400.
Your move Bitcoin… pic.twitter.com/7ug4CsQg0p
— dave the wave (@davthewave) May 15, 2020
He also said that the short-term predictions are not that strong as the long-term ones.
Reminder
The shorter term and the longer term.
You can make shorter term predictions [which I do on threads like this], but there is always less probability of them being confirmed than the longer term predictions. pic.twitter.com/ucdZ16UHyi
— dave the wave (@davthewave) May 18, 2020
Anyway, if BTC continues to drop, this will be a great occasion to buy the dip once again.
He also created a poll as you will see below:
Nearly two thirds answering not to buy.
A question such as this though is a false dichotomy – whether or not you buy here depends on your circumstances, risk tolerances, and current positions [or absence of them].
— dave the wave (@davthewave) May 21, 2020
The crypto market has been really volatile lately following BTC’s halving.
