PlanB’s Bitcoin Price Floor Is $8,600 For March as BTC Rallies After Last Week’s Sell-Off
- Analyst leaning towards bullish yet again suggesting bitcoin is in the middle of “turbulence before take-off”
- “Would 2-3 years delay reaching new ATH be such a big thing, really?” – Bitfinex whale Joe007
Bitcoin price has started off the new week on a green note, up 2.40% in the past 24 hours while trading at $8,825 while managing the daily trading volume of $870 million.
The digital asset saw green just as Asian markets came charging back after the Bank of Japan announced “ample liquidity” to maintain the financial markets. The US stock market is also expected to record gains after the Federal Reserve said they would act appropriately with the market expecting a 50 point cut this month. Trader Crypto Michael said,
“Equity markets turning green this week, indicating that we might have a relief rally. Bitcoin holding the 21-Week MA and total market cap holding 200-Day MA. We might be in for some relief too.”
Interestingly, the September futures on Deribit exchange opened at $9,300, a premium of 6.2%.
— Hsaka (@HsakaTrades) March 2, 2020
Turbulence before take-off
Analyst Dave the Wave, who called out for a retracement to $6,400 last year when the digital asset was trading above $10,000 is turning bullish yet again. The analyst has been right the last time as well when he predicted a retracement from $11,000 to $8,500 we saw last week.
Now, the analyst is leaning towards bullish suggesting the crypto asset is in the middle of “turbulence before take-off.” He pointed to a chart that shows the current price action is similar to that of seen in late 2016 before bitcoin rallied to its all-time high.
This is it. The turbulence before take-off…. pic.twitter.com/4RtAVaoPXy
— dave the wave (@davthewave) March 1, 2020
Previously, he said that the ongoing consolidation in the crypto market could last as much as two months, which means the digital asset could start trending up near the reward halving in May 2020.
Meanwhile, in the near term trader Crypto Michael says, the digital asset could see a bounce upwards to $9,175, the potential resistance level, despite being on the same higher time frames.
A 2-3 Year Long Bear Market?
However, not everyone is feeling bullish. The ongoing consolidation according to some could last as much as another few years.
Last week, bitcoin price fell 16%, going from above $10,000 to as low as nearly $8,400 on the weekend. Bitfinex whale Joe007 had previously warned of such a downside because of the lack of fiat inflow in the bitcoin to support its upsurge this year.
“Would 2-3 years delay reaching new ATH be such a big thing, really?” said the biggest bitcoin trader on Bitfinex last week.
A healthy correction, however, has always been seen as a good foundation for a rally. Still a retracement this year might not let us see $6,000 or $4,000 again. According to popular analyst PlanB, bitcoin would stay above $8,200 in 2020 and climb above $10,000 during the halving. He says,
“Remember last month's forecast that bitcoin will stay above $8200? So far so good and .. the indicator just flipped to $8600 (March close). Risky with btc now at $8475, but I like to share it as an out-of-sample test. Note this is totally different from S2F!”
Basically, the forecast is that bitcoin will not end March below the price floor of $8,600.
The bull run according to him will start after the halving that will see the digital asset topping $100,000 before Dec. 2021.