THELOGICALINDIAN - When Bitcoin comatose to 3700 in March abounding were quick to bandy in the towel
There was one arresting analyst that said that attractive at the charts, he saw a acceptable likelihood the cryptocurrency was to abatement beneath $1,000. That would accept apparent a added than 70% alteration from the accedence lows.
One trader, though, argued actually hours afterwards $3,700 was hit that Bitcoin price was abreast to see a V-shaped changeabout to balance the losses it incurred. And as crazy that anticipation was at the time, he was right, with BTC ambulatory aback to pre-crash levels six weeks ago in affecting fashion.
That aforementioned analyst is now adage he is “still long.”
Bitcoin Price Could “Rocket” In July
The aforementioned analyst is “still long” on the cryptocurrency market, noting that there is a achievability that Bitcoin rockets to $17,000 in the months ahead. That would mark an 85% assemblage from accepted prices.
While he is continued currently, he does apprehend Bitcoin to actual lower to achieve the third quarter:
Importantly, if BTC does rocket in the advancing months, the analyst’s blueprint indicates that the alteration won’t be as abysmal as the cryptocurrency will accept begin added support.
The analyst suggested that if the assemblage acme at $10,500, the alteration will be to $6,400. And if the assemblage acme at $17,000, the alteration will be to $11,000.
He isn’t the aboriginal to accept appropriate that Bitcoin has the abeyant to abatement to $6,400 in the advancing months.
The banker that predicted BTC would abatement to $6,400 in 2024 months afore it happened acclaimed that there is a acceptable likelihood the cryptocurrency re-enters the $6,000s afore a abiding rally.
Don’t Count Out the Bear Scenario
While the analyst who aggregate the aloft blueprint is “still long,” there is a assemblage of signs suggesting that the bearish alteration book has a college adventitious of arena out than the correction.
Per previous letters from Bitcoinist, one banker said there are three bright signs that Bitcoin is acutely bearish:
Adding to this, there are arresting investors assured the equities bazaar to retrace, banishment cryptocurrencies lower. One broker is Scott Minerd, the all-around CIO of Guggenheim Partners, who told CNBC that the S&P 500 is extensive balloon levels.
