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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts
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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Analyst Who Called $6,400 Bottom: Bitcoin Is Soon to “Take Off” Towards $100,000

Nick Chong
Nick Chong
1 year ago
3 mins read

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It goes without saying that Bitcoin’s price action over the past few days 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. And what’s more, fears of a steeper correction have grown, with BTC’s failure to bounce back suggesting to some that cryptocurrencies will fall even lower. 

Despite these fears, a top analyst — one who has a good portion of the crypto market’s price action over the past few months — is suggesting that Bitcoin will soon “take off.”

Crypto Market Is Coiling, Preparing to “Take Off”: 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 starting to lean bullish once again. In an analyst published Sunday, the trader suggested that BTC is in the midst of “turbulence before take-off,” pointing to a chart that shows the current price action in the crypto market is 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

In a previous tweet, Dave the Wave indicated that the consolidation — or “turbulence” as he most recently dubbed it — in the crypto market could last around two months.

Dave’s latest analysis shortly after Polar Hunt, another trader, made a similar observation that the current price action is reminiscent of that seen prior to the 2016 halving. Polar’s charts suggest that should BTC follow the previous market cycle to a T, the asset will soon surge to $18,000 — a gain of over 100% from the current price of $8,550 — by the time of the halving.

Where Will the Rally Take Bitcoin?

Although Dave the Wave did not mention his long-term targets in that tweet, he has suggested previously that the cryptocurrency could be on the verge of a 1,000% rally.

Per previous reports from NewsBTC, the analyst suggested that the cryptocurrency is still on a clear trajectory to enter a six-digit price point in the coming two to three years.

For those getting stuck or confused on the shorter term call, here's my view going forward. If you're a holder/ investor, ignore the short term calls and focus on the medium/ long term.

Main point being, a consolidation to the buy zone would set BTC up nicely for its run. pic.twitter.com/AC2gv5VrGI

— dave the wave🌊🌓 (@davthewave) February 16, 2020

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.

Related Reading: Crypto Tidbits: Bitcoin Plunges Under $9,000, Bitfinex and OKEx DDOS Attacks, Warren Buffett Bashes Cryptocurrency Again

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, a  pseudonymous quantitative analyst working for a European institution. The model equates Bitcoin’s scarcity (inflation rate) to its market capitalization, suggesting the after the May 2020 block reward halving, BTC will have a fair price of around $55,000 to $100,000. 

Featured Image from Shutterstock
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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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