After six days of gains, Bitcoin (BTC) experienced a precipitous drop on Wednesday, tumbling from the multi-week high of $8,460 to $7,800 in a few hours’ time. While the drop was extremely steep \u2014 8% in literal hours \u2014 prices have remained around the high-$7,000s since, leaving many to ask what’s next for the crypto market.<\/p>\n
Although some are fearing the worst after the 8% drop, a number of prominent traders are keeping their heads up high.<\/p>\n
Dave the Wave, the prominent cryptocurrency trader who called Bitcoin’s decline to $6,400 literal months ago, noted<\/a> that the cryptocurrency is looking prime to “consolidate back to the $7,000-odd [range], adding that most data he sees suggests that a macro bottom was established for the cryptocurrency.<\/p>\n New thread going forward for the first quarter. Looking for the spike to consolidate back to the 7K odd [green zone of the pitchfork]. All good for the low being in and prices recovering over the course of this year.https:\/\/t.co\/2dN4vCA5yc<\/a> pic.twitter.com\/0aP1Pva54J<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) January 9, 2020<\/a><\/p><\/blockquote>\n\n