Bitcoin seems to be about to hit $30k, and at the moment of writing this article, the king coin is priced at $29,511.28.
While a lot of analysts say that we can expect the bullish move to continue for the king coin, there are also predictions which involve corrections.
It’s been just reported that a popular crypto analyst just said that Bitcoin is primed for a massive correction. He also addressed the price of XRP these days.
As you know by now, XRP suffered a massive price drop in the light of the SEC lawsuit.
BTC to see a correction?
The online publication the Daily Hodl notes that the pseudonymous trader known in the industry as Pentoshi predicts BTC is about to tumble to the low $20,000 range.
He also said that the timing of the king coin’s movement is suggesting a reversal is in store for the coin. Check out the tweets he shared.
The time and distance of each $BTC move gets smaller. Less consolidation and less upwards movement.
Markets can be like a pendulum and this will swing the other way.
— Pentoshi (@Pentosh1) December 31, 2020
Another relevant tweet came from Peter Schiff.
Bitcoin is up 4x in 2020, and most HODLers expect the rise to continue in 2021. But that’s what they thought at the end of 2017 as Bitcoin finished the year with a 14x gain. But 2018 was #Bitcoin bear market, as its price fell by 70%. What if history repeats? What if it’s worse?
— Peter Schiff (@PeterSchiff) December 31, 2020
When someone said that this is not possible Schiff continued and said: “But what if it does? What if the price falls 90% in 2021? Will you HODL for eternity?”
Someone else responded: “Holders long than 3 years is the key quote here. I doubt a large chunk of bitcoin owners never got in at $12k let alone $3k. I’m in and out of bitcoin like a cold shower, but I don’t hold them. Pure speculation.”
Stay tuned for more BTC predictions.