Bitcoin Could “Grind” Lower Into End of 2020: Here’s Why an Analyst Thinks So
Bitcoin may be primed to move towards the $9,000s, then $8,000s as we move into the end of the year according to an analyst. The analyst shared the chart seen below after BTC’s correction, noting that the macro resistance could act as support for an extended consolidation pattern:
Chart of BTC's price action over the past few years fromTradingView.com
The trader that made this prediction has been historically accurate with his calls.
Prior to the ongoing drop, he began to note that the Bitcoin market was overheated and needed to consolidate to tamper expectations. And in 2019, he predicted that the bear market would bottom at the $6,400 price point literal months before it actually did at the end of the year.
Bitcoin Remains in a Good Long-Term Position
Analysts think that even if BTC sustains a correction, it remains in a good spot from a longer-term time frame perspective.
Arthur Hayes, the CEO of BitMEX, recently commented on Bitcoin’s potential in the ongoing macroeconomic environment:
Others have echoed this sentiment, including Mike Novogratz, Raoul Pal, Dan Tapiero and other investors in the industry. They believe that the comments from Jerome Powell of the Federal Reserve cement BTC’s growth potential.
Photo by Sergio Capuzzimati on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com This Historically Accurate Analyst Thinks This Is Next for Bitcoin
Originally from Bitcoinist.com https://ift.tt/2GwbNFb
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