Once Bitcoin (BTC) started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions.
Per previous reports from NewsBTC, long-time Bitcoin skeptic and CEO of Euro Pacific Capital Peter Schiff said in a tweet that the price of the leading cryptocurrency could “dump” to $1,000 to complete a chart pattern.
Related Reading: XRP Analyst Suggests IPO Could Be Game-Changing for Ripple: Here’s How
And even recently, despite the price of digital assets rallying by dozens of percent since the December bottom, a number of traders have asserted that a $3,000 Bitcoin price is in the books.
But, according to a prominent crypto analyst who called BTC’s decline to the $6,000s, the idea that BTC is extremely bearish right now is somewhat irrational.
4 Reasons Why Bitcoin Price Unlikely to Crash Right Now
Legendary analyst Dave the Wave why he is “surprised at the bearish sentiment” he is seeing on Crypto Twitter:
- In the past 12 months, since the end of January of 2019, the price of the leading cryptocurrency has surged by 160% — this is a performance that effectively outpaces all other crypto assets, stocks, and commodities.
- BTC has seen a “solid retracement as long as the parabolic spike up, which has held the 0.5 Fibonacci Retracement of the entire move, suggesting bulls remain in control.
- Bitcoin has just broken “out of a long downward trend line.”
- Prices have recently posted a higher high.
Bit surprised at the amount of bearish sentiment I'm seeing on CT [not really as a contrarian]. A recap of this year –
– price up 160%
– solid retracement as long as the parabolic spike up
– break out of the long downward trend line
– higher high
– looking for higher low— dave the wave🌊🌓 (@davthewave)
Long-Term Bottom Signals Continue to Flash
Dave isn’t the only analyst expecting for Bitcoin to start to form an uptrend once again.
Willy Woo — partner at Bitcoin fund Adaptive Capital — said in December that per his analysis of on-chain data, he believes the macro price bottom was established in the low-$6,000s. Woo did say, however, that there is an opportunity for a drop below that bottom, but noted that it would just be a blip in the grand scheme of things.
Related Reading: Crypto Tidbits: Elon Musk Talks Bitcoin, Ripple IPO Coming, Facebook’s Blockchain Loses Another Member
Also, analyst that the worldwide Google Trends, well, trends for the search term “Buy Bitcoin” have recently hit a seven-month high — the highest since June 2019 — at “10.”
1/ Googling for "Buy Bitcoin" just reached a 7 months high (Score 9). The long-term upwards trend is undeniable. The last time the score reached a 10 was:
Nov '13 (bull top),
May '17 (price on parabolic run-up),
Jun '19 (medium-term top)
>Feb '20 (price on parabolic run-up?)— CryptoKea (@CryptoKea)
The latest Google Trends “10,” Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the $14,000 high.
He added that the “long-term upwards trend” for this metric, which is correlated with growth in the price of Bitcoin, is “undeniable,” pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.
Featured Image from Shutterstock