Bitcoin Will See a Big Q4, Analysts Say
Bitcoin has undergone a strong rally over the past few weeks that has brought it from $10,200 to highs of $13,350.
The coin currently trades for $12,900, having undergone a slight drop in the face of a strong decline in the Dow Jones and S&P 500 index.
While the weakness in the stock market is worrying for some, especially considering the severity of the move, analysts remain bullish.
One crypto-asset analyst who called the V-shaped reversal that we saw in March and into the spring and summer recently commented on the matter:
As he explains, Bitcoin could undergo “50% pumps” heading into the end of Q4 and the start of 2021. He added that these 50% pumps will be marked by 30+% dumps as well, seemingly referencing how volatile the leading cryptocurrency was in 2017’s rally.
To elaborate on his legitimacy, this analyst wrote on March 14th, a day after the crash, that he expected a rapid recovery to $10,000 by May or June.
Bitcoin did so, proceeding to rally from the lows of $3,500 to $10,000 by the range in time he specified.
Expect Some Volatility Ahead of the Futures Close
While he does expect Bitcoin to move higher in the medium-term, he did note that investors should expect strong price action to the upside an downside as futures expiries come in:
Table of BTC's CME futures data for the next year. Chart from Bitcoin Jack (@BTC_JackSparrow on Twitter).
There is also some volatility to expected in the near term due to the presidential election, along with uncertainty about the next fiscal stimulus bill.
Photo by Paweł Czerwiński on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst Who Called Bitcoin's V-Shaped Reversal Thinks Q4 Will Be Big for Bulls
Originally from Bitcoinist.com https://ift.tt/3dZg4O1
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