Analyst predicts bitcoin to dip towards $8000s
This week turned out to be quite favorable for the leading cryptocurrency as the price of bitcoin nearly reached $9,500 before retracing to $8,800 at the time of writing. A crypto analyst has now predicted that the price of bitcoin will witness a further dip to low $8,000 before gaining positive momentum and reaching in a high $9000s range. Since reaching the $9,500 mark, the price of bitcoin has stalled, entering a consolidation region around $8,800 as the market becomes more indecisive. Currently, BTC is stuck around support at $8,500 and resistance at the ever-important level of $9,000.
Crypto analyst suggests an uptrend rall ytowards $10,000.
Bitcoin’s recent consolidation to $8,800 is likely to be followed by a strong leg to the downside, according to the cryptocurrency trader.
#btc made 5 waves down on the smaller timeframes, abc back up and swiftly rejected the 0.618 almost to the $ and now i think we get one more leg down into low 8ks.
imo this will be a buy the dip opportunity in strong uptrend pic.twitter.com/M0nSv4OwPJ
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) May 2, 2020
He added that while a further dip is to be sustained, the cryptocurrency remains in a “strong uptrend” that suggests a rally to $10,000 is in the works before the halving takes place. The analyst further suggested that bitcoin would get one more leg down into low $8,000’s, which would be a buy the dip opportunity in a strong uptrend, the trader explained through a chart.
The crypto trader has a strong track record in predicting bitcoin’s movement.
Several from the crypto community are skeptical of the validity of Elliot Wave analysis, but this trader has a strong track record in analyzing the ever-volatile cryptocurrency markets, giving credence to his currency commentary on bitcoin. Back in 2018, when bitcoin was in the midst of the bear market, the trader remarked that he expected the leading cryptocurrency to find an ultimate bottom at $3,200. His prediction came true by the end of 2018 when the price of bitcoin plunged from $6,000 to a low of $3,150 over the span of a few weeks in December 2018. If his current prediction is to be believed, the leading cryptocurrency will rally from low $8,000s to nearly $10,000 in the coming days.