Mainstream Media Analysts Predict Significant Bitcoin Price Drawback After BTC Doubles In Value
Analysts Predict Significant Bitcoin Pullback
It’s no longer news that Bitcoin did reach and break through the $8000 mark. However, since doing that, the asset seems to be struggling to continue with the trajectory at the same pace it has been doing for the past week or two. It is on this note that some experts are beginning to warn that a pullback might be imminent.
On CNBC’s “Futures Now” segment, Anthony Grisanti who is the founder and president of GRZ Energy, said:
“We had rallied above but then failed on two different occasions. Bitcoin has doubled in the last five months, so I would expect a bit of a pullback, and on the downside, there’s a very interesting gap there, from $6,870 to 46,425.”
Another person on Twitter seemed to also have a bearish outlook on Bitcoin’s near future. The account, @throwaway, predicted a significant drop by at least 80% based on Bitcoin’s history regarding its Relative Strength Index (RSI), Money Flow Index (MFI) and Network Value to Transactions Ration (NVT).
According to the tweet:
“This is only the 4th time in $BTC history in which weekly RSI, MFI, and NVT have all been simultaneously overextended. The previous 3 instances were followed by 82%, 85%, and 83% drops, respectively.”
Reactions And Further Positive Predictions
The CEO of Fundstrat, Tom Lee, who has also appeared on CNBC a couple of times, has continued to express optimistic and bullish views on Bitcoin. Lee who is quite positive about Bitcoin again reaching its all-time high took a jab at the naysayers whose predictions are less than bullish. He tweeted:
“The comments from this @CNBCFuturesNow post show how bears are still trying fighting hard… Amusing”
Another person who also has very hopeful predictions is the Chief Marketing Strategist and co-founder of Path Trading Partners, Bob Iaccino. Bob believes that the continued application of the Lightning Network would greatly improve Bitcoin’s scalability and therefore be a strong drive for a continued price rally.
Disclosing his thoughts on a possible reason for the price surge, Bob said:
“I do believe I know part of the reason why, and that has to do with the inception and application of software called Lightning Network, which actually makes small transactions a lot easier for those who hold bitcoin.”
Bob is very optimistic about the use of the Lightning Network as a solution to Bitcoin’s adoption and scalability problem. However, there are still many analysts who think that it would take a long time before the network is completely mature and functional.