NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Analyst Who Called Bitcoin Drop to $3,000s Expects Another Brutal Bear Market

Nick Chong
Nick Chong
1 year ago
2 mins read
Bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin has rallied strongly since the $3,700 lows established in March. From the bottom of the crash, the cryptocurrency is now up just shy of 150%.

Although this upswing has convinced many in the industry that the bear market is over, some beg to differ. Prominent analysts and commentators say that the cryptocurrency has a chance at retesting the $3,000s.

Backing this prediction, they cite simple technical factors and the looming specter of a deeper recession in the global economy.

Related Reading: Crypto Tidbits: Satoshi Isn’t Dumping His BTC, China ‘Bans’ Cryptocurrency Mining

Bitcoin Poised to Plunge Towards $3,000s

Earlier this year, a prominent trader called for Bitcoin to fall to the $3,000s and for XRP to reach $0.11. At the time, this call was laughed off, as the cryptocurrency market was surging higher.

The trader has since been proven correct as Bitcoin, XRP, and other cryptocurrencies took a nosedive in March due to a worsening global economy.

While BTC has since recovered, the same trader still expects Bitcoin to correct even lower.

He indicated in the chart below that he still sees a scenario where the leading crypto falls to $2,000, and maybe even as low as $1,000.

Chart from il Capo of Crypto

The calls for an extension to the Bitcoin bear market have been echoed by Ross Ulbricht.

Ulbricht is a very early cryptocurrency adopter that is known for running the Silk Road marketplace.

He explained in a Medium post titled “Bitcoin by Ross #9: A Strong Signal for Lower Prices” that Elliot Wave analysis suggests BTC is in the second phase of a multi-year bear market.

Here's my latest #BitcoinByRoss post:
A Strong Signal for Lower Prices.https://t.co/2VxoyT28NZ

— Ross Ulbricht (@RealRossU) April 11, 2020

Elliot Wave is a form of technical analysis that indicates markets move in predictable wave phases due to investor psychology.

Ulbricht, who is also an early trader according to some accounts, suggested that Bitcoin could return to the $2,000s or even $1,000s by June or July, or well into 2021.

Related Reading: The $90 Million Bitcoin Pizza Story Has an Unexpected Silver Lining

The Rally on the Other Side Will Be Huge

Despite the expectations from prominent market participants of downside, the consensus is that the rally on the other side will be large.

Ulbricht, for instance, wrote that the sky is the limit for Bitcoin in the long run:

“I am still bullish long-term… The point is — long term — the sky is the limit. The remainder of wave II and the start of wave III will seem like insignificant fluctuations by the time wave III is under way. Decades from now, anything below $20,000 will seem cheap.”

There are fundamental reasons analysts have to be this optimistic.

Tuur Demeester, the founding partner of Adamant Capital, recently explained that the money-printing by governments is making $50,000 Bitcoin possible.

The idea goes that with there more fiat money in the system than ever before, BTC stands to greatly benefit due to its scarcity.

Featured Image from Shutterstock
Tweet123Share196ShareSend
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.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

dogecoin

Первый Dogecoin ETF близок к запуску: что это значит для рынка

Рынок мемкоинов получает новый импульс – REX-Osprey готовит первый в США ETF на Dogecoin. Эта новость вызвала оживленное обсуждение в...

daria 1 hour ago
Биткион и таймер

Биткоин теряет позиции: аналитики предупреждают о риске коррекции

В конце августа Биткоин не удержал уровень в $110 000, показав падение на 12% от исторического максимума. Для рынка это...

daria 1 hour ago

Previsioni Ethereum: ETH in Calo Intrappolato nella Sfida tra Orsi e Tori

In mezzo al tira e molla che sta scuotendo il mercato crypto, il prezzo di Ethereum si trova ora in...

clararosati 1 hour ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin CDD Indicator Signals LTH Distribution As Demand Offsets Pressure

Bitcoin CDD Indicator Signals LTH Distribution As Demand Offsets Pressure

Sebastian Villafuerte 33 minutes ago
Little Pepe ($LILPEPE) Presale Nears Sell-Out as Meme Coin Market Eyes 100x

Little Pepe ($LILPEPE) Presale Hits $25M as Meme Coin Fans Eye 100x

Aaron Walker 41 minutes ago
XRP whale koopgolf van $340M - instituties stappen massaal in

XRP whale koopgolf van $340M – instituties stappen massaal in

Lars Diederiksen 1 hour ago

Premium Sponsors

Press Releases

  • První mine-to-earn meme coin PepeNode získal 900 000 $ v předprodeji – zbývá jen 7 hodin ve fázi financování

    První mine-to-earn meme coin PepeNode získal 900 000 $ v...

    56 minutes ago
  • ドージコイン 今後の可能性:TradFiが注目する0.50ドルの壁とは

    ドージコイン...

    59 minutes ago
  • Meme coinok visszatérnek a játékba: a Snorter Bot Token (SNORT) előértékesítése meghaladja a 3,8 millió dollárt

    Meme coinok visszatérnek a játékba: a Snorter Bot Token...

    1 hour ago
  • První mine-to-earn meme coin PepeNode získal 900 000 $ v předprodeji – zbývá jen 7 hodin ve fázi financování

    Prvi Mine-to-Earn meme coin PepeNode prikupio 900.000 $ u...

    1 hour ago
  • リップル 今後:ETF承認期待でXRPが3ドルに接近

    リップル...

    1 hour ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.