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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Could Retest $8,400, Says Trader Who Called BTC’s 50% Crash and Recovery

Nick Chong
Nick Chong
1 year ago
2 mins read

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It goes without saying that Bitcoin’s price action over the past few weeks has shaken many digital asset investors in the industry. The crash from $10,000 to $8,400 liquidated dozens of millions worth of leveraged positions, forcing many on the sidelines, data from Skew.com shows.

Unfortunately, the cryptocurrency is likely to retest $8,400 once again, a top analyst has warned.

Bitcoin Could Soon Retest $8,400, Warns Top Analyst

Few have called Bitcoin’s price action as well as Dave the Wave has over the past few months; in the middle of last year, the analyst predicted a retracement to $6,400 when the asset was rallying above $10,000, and more recently, he called for a retracement from $11,000 to $8,500.

Now, he’s suggesting that BTC is on track to hit $8,400 in the coming weeks, likely in April. A chart accompanying this forecast suggests that Dave expects this to happen because Bitcoin falling to the local lows will satisfy its repeating pattern of occasionally revisiting a long-term curve that has predicted BTC’s overall trajectory for the past two years.

Sure enough, daily momentum looks to be turning around for a bounce… pic.twitter.com/nzuvK5mNkS

— dave the wave🌊🌓 (@davthewave) March 4, 2020

Still Long-Term Bullish

Despite Dave’s concern of a short-term decline, he remains confident that the leading cryptocurrency is on a trajectory of long-term growth past the $20,000 high of 2017.

Per previous reports from NewsBTC, he said that Bitcoin is in the midst of “turbulence before take-off,” pointing to a chart that shows the current price action in the crypto market is eerily reminiscent to that of late-2016, just months before Bitcoin began its rally from $800 to $20,000 in a year’s time.

This is it. The turbulence before take-off…. pic.twitter.com/4RtAVaoPXy

— dave the wave🌊🌓 (@davthewave) March 1, 2020

Dave the Wave believes that BTC is on track to hit a six-digit price point in the coming two to three years. Dave backed this prediction by pointing out the cryptocurrency is on the verge of finishing a fractal correction and is about to break past of a long-term descending trendline, which marked the two swing tops over the past two years.

A move past the trendline, which will soon line up with the long-term buying zone for Bitcoin, is likely to kick off a rally to $100,000, the trader suggested.

This lofty prediction can be backed up by the famous stock-to-flow model from PlanB, which equates Bitcoin’s scarcity to its market capitalization. Proven to be cointegrated with BTC’s price and having been backtested to a 94% R Squared, the model suggests BTC will have a fair price of around $55,000 to $100,000 after the 2020 block reward halving in May.

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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