Bitcoin’s Painful $2,000 Drop Invisible On Weekly Timeframe, Rest Assure “Crypto Winter Over”
- Focus on the bigger picture, Buy the dip – Bitcoin bull & Fundstrat’s Tom Lee
- BTC price could go as high as $12k but only to continue down afterward – trader Josh Rager
- Bitcoin ending the year under $30k would be a “real anomaly”
On July 10th, Bitcoin retook $13,000, the last time we were on that level was on June 26th. The last time we couldn’t manage to stay above this level and soon dropped down to $9,600 level.
This time as well, the flagship cryptocurrency took a jump and smashed through $13k but only to take a tumble down to almost $11,200 level. Looks like, BTC/USD is not ready to make new highs yet.
However, what’s interesting is if we take a step back and focus on the bigger picture, this “painful” $2k drop is not even visible on the weekly timeframe, said bitcoin bull and Fundtstrat’s Tom Lee.
This drop that partially could be due to the Federal Reserve Chairman Jerome Powell’s “serious concerns” over facebook’s new digital currency project Libra doesn’t put a dent on the long term view of the Bitcoin.
Lee in no uncertain terms states, “Crypto winter over…” with “#BTD.”
Bitcoin Can Get Even More Discounted
As clearly put by Lee, this is a buy the dip opportunity because if the BTC price train leaves this station, we might not get it in this cycle again.
However, according to trader and investor Josh Rager, “BTC not overly convinced with the volume.” Buyers he says aren’t confident in this area which is reflected in the lack of buying volume.
Bitcoin price from here could make it as high as $12,000, on the four-hour chart, but only to continue down afterward, Rager said.
This could very well turn into the “short the rally” type of scenario, he added, for now.
But Bitcoin Ending the Year Under $30k Would Be Real Anomaly
Meanwhile, according to trader Timothy Peterson, $50,000 by this year-end is “entirely realistic” under the model shared by him.
Peterson explains how Bitcoin momentum in the first six months saw the price appreciation of 180%. Now, based on the model, over the next 6 months, Bitcoin can see another surge of about 250 percent.
A price level “substantially” below this level that is $30,000 would be a “true anomaly,” added Peterson.
He said even $50k is “entirely realistic” under the model which even has him “shocked.”