- Analyst FlibFlib lays down his Bitcoin Price forecast
- First, retrace from here to 61.8% and then consolidate the remainder of the year in 7.5k-10k range
- Exit rounding bottom/Cup and handle Summer 2020 following a “sell the news” event when halving occurs.
- Bull market cycle to follow thereafter
- Bitcoin price has fallen yet again below $10,000.
Currently, BTC/USD is trading around $9,850, down by 1.16 percent.
Historically, Q3 is going as expected.
Q2 and Q3, as per the past data have been lackluster in comparison to Q1 and Q4. So, the next quarter can be expected to bring back the bulls.
After an Impressive Move to the Upside, Expecting Selling Pressure is Reasonable
Bitcoin has been the best performing asset of 2019. It even surpassed the expectations of even the most bullish commentators in the space when we moved from $8,000 to about $14,000 in Q2.
The flagship cryptocurrency made a staggering recovering from the lows of $3,200 in December 2018, accelerating about 4x to its peak.
Since hitting 2019 peak, we have made a pullback to approximately $9,050 level and are back to seeing another drop that could take us even lower.
But it’s not at all a cause for worry.
Analyst FlibFlib, in his latest analysis, explains how after such an impressive move to the upside, it’s reasonable to expect that some selling pressure would be faced by Bitcoin.
FlibFlib says, we hit the bottom in this bull cycle and bounced from it quicker than in previous cycles, the result of more interest and awareness in halvening which is projected to occur in May 2020.
The combination of accelerated demand, awareness and interest along with limited supply, he says creates a “perfect storm” for the leading cryptocurrency to achieve “much higher prices” and rather quickly.
“Bitcoin has the infrastructure, the interest and the fundamentals to go higher, assuming there is no major banning event,”
Bitcoin Just Doing What it Always Does
While going up, Bitcoin destroyed the resistances but as it reached a certain technical level, the world’s top cryptocurrency ran out of steam.
The bottom, however, he believes is in and we are in the
“smart money/stealth phase of the new cycle.”
Historically, the analyst explains how Bitcoin performs a few things, parabolas break down and retrace at least 61.8% of their height. A bounce typically occurs where there has been a strong buying interest on the way up.
In 2017, this happened around $6,000 level with an engulfing candle on the weekly. In 2019, he is expecting Bitcoin to correct into the $7ks.
Another thing is, the time taken to reach from the top to the bottom is typically half the time it takes to achieve a new all-time high (ATH).