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Home Cryptocurrency news

Top Trader: Recent Crypto Collapse Is Just Turbulence Before Takeoff

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
crypto
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The crypto market is at a critical inflection point, where the future fate of the emerging asset class lies in the balance.

The recent volatility and rise to new local highs followed by a steep crash is nothing more than turbulence before the rocket ship has taken off into a new bull market, according to one top crypto trader known for his unrivaled accuracy.

Crypto Trader: Recent Price Action Is Turbulence Before Takeoff

Bitcoin and altcoins started off the year with a massive surge, but heightening fears over the spread of the coronavirus and its impact on the greater global economy prompted a massive selloff across all financial markets, including crypto.

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Related Reading | Bitcoin To Explode By 80% Before Halving According to Past Cycle Comparison 

The extreme rise followed by a steep drop has market participants confused, wondering if the promised land and bull market is really around the corner, or if the young asset class is due to fall back into another extended bear market trend.

One crypto trader, known for his long-term models and advocacy of patience when taking positions investing in Bitcoin, believes that this is essentially the calm before the storm or the “turbulence before take-off.”

The comment is in reference to Bitcoin potentially refueling its rocket ship for its next moon mission.

After the leading crypto asset by market cap reached an all-time high in late 2017, the entire asset class fell into a deep, arduous downtrend that took Bitcoin from $20,000 to $3,000.

There, the analyst in question called Bitcoin’s bottom, riding the ‘wave’ all the way to the top o the rally where the analyst claimed the asset was overextended and overheated, and ready to fall.

His stance was contrary to most of the market at the time but was later proven correct.

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

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

Again, the same trader called for the recent “bottom” at around $6,400, where the crypto asset class launched higher, gaining as much as 60% year-to-date before the correction first began.

During the collapse, Bitcoin price fell to a low of $8,300, but as the trader says, it’s just a bump in the road before the bull market really gets started for the king of cryptocurrencies.

Weathering the Storm Could Lead to Life-Changing Profit

Bitcoin is often the primary driver of the market, and once it is primed for upside performance once again, altcoins like Ethereum, Litecoin, and XRP, will surely follow.

Bitcoin is predicted to reach prices of $100,000 or more per BTC, and altcoins in the past have risen thousands of percentages when Bitcoin breaks above its former all-time high.

Related Reading | Bitcoin Bounces Off Buy Zone, Accurate Crypto Analyst Says Its Time to Hold 

For now, buckle-up – according to the analyst, it’s going to be a bumpy ride for the foreseeable future. Those who can withstand the bumps in the road will likely be able to take the ride all the way to a new all-time high.

Tags: altcoinsbitcoincryptoDave the Wave
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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