New Bitcoin Prediction Surfaces From Analyst Who Predicted BTC Crash
The crypto market is struggling to recover these days, following the recent falls in BTC’s price. At the moment of writing this article, most coins are trading in the green, and Bitcoin is no exception.
Despite the high volatility in the crypto market, there have been various optimistic predictions about the price of BTC and the other digital assets popping up in the crypto space.
New forecast on Bitcoin
Now, Tom Demark, who is the CEO of Demark Analytics and creator of the TD Sequential Indicator, is revealing his latest forecast on Bitcoin.
The man’s company advises billionaire Steven Cohen’s Point72 hedge fund, according to data coming from the online publication the Daily Hodl.
DeMark tells Bloomberg he believes Bitcoin still has a way to go before it hits a bottom.
“Currently we’re on a deep countdown, and the risk downside is quite a bit, even from here. We’ve got a downside projection of $6,308 minimum, and in a crash decline in this market, we got to $5,294.”
It’s important to mention that TD Sequential indicator flashed a significant bear signal in December of 2017 just before the market’s major crash.
It also flashed a sell signal back in June when BTC had almost hit $14k. This happened before the beginning of another big reversal.
At the moment of writing this article, BTC is trading in the green and the coin is priced at $7,313.87.
A new indicator shows Bitcoin’s move
In other related news, just the other day, we reported that there’s a proprietary indicator that called BTC’s big sell-off back in November of 2018 and then hinted at the bull run from back in April 2019.
It seems that this indicator turned bearish now.
Crypto Thies told his followers on social media account that his Market God indicator has just posted a sell signal.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.