{"id":412337,"date":"2020-01-26T23:00:34","date_gmt":"2020-01-26T23:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=412337"},"modified":"2024-06-11T13:41:03","modified_gmt":"2024-06-11T13:41:03","slug":"scarily-accurate-analyst-4-reasons-bitcoin-price-bullish","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/scarily-accurate-analyst-4-reasons-bitcoin-price-bullish\/","title":{"rendered":"Scarily Accurate Analyst Gives 4 Reasons Why Bitcoin Price Won&#8217;t Crash at $8,500"},"content":{"rendered":"<p>Once Bitcoin (BTC) started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions.<\/p>\n<p>Per <a href=\"https:\/\/wncen.com\/2019\/11\/21\/bitcoin-readying-to-drop-85-to-1000-schiff-says\/\">previous reports from NewsBTC<\/a>, long-time Bitcoin skeptic and CEO of Euro Pacific Capital Peter Schiff said in a tweet that the price of the leading cryptocurrency could &#8220;dump&#8221; to $1,000 to complete a chart pattern.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2020\/01\/26\/xrp-analyst-ipo-could-great-ripple-heres-how\/\" data-wpel-link=\"internal\">XRP Analyst Suggests IPO Could Be Game-Changing for Ripple: Here\u2019s How<\/a><\/h6>\n<p>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<a href=\"https:\/\/wncen.com\/2020\/01\/20\/why-bitcoins-price-might-poised-plunge-50-3000s-again\/\"> $3,000 Bitcoin price is in the books.<\/a><\/p>\n<p>But, according to a prominent crypto analyst who called BTC&#8217;s decline to the $6,000s, the idea that BTC is <a href=\"https:\/\/wncen.com\/2020\/01\/26\/bitcoin-just-saw-mega-rejection-worrisome-bulls\/\">extremely bearish right now<\/a> is somewhat irrational.<\/p>\n<h2><strong>4 Reasons Why Bitcoin Price Unlikely to Crash Right Now<\/strong><\/h2>\n<p>Legendary analyst Dave the Wave <a href=\"https:\/\/twitter.com\/davthewave\/status\/51545856\" rel=\"nofollow\">recently laid out four reasons<\/a> why he is &#8220;surprised at the bearish sentiment&#8221; he is seeing on Crypto Twitter:<\/p>\n<ul>\n<li>In the past 12 months, since the end of January of 2019, the price of the leading cryptocurrency has surged by 160% \u2014 this is a performance that effectively outpaces all other crypto assets, stocks, and commodities.<\/li>\n<li>BTC has seen a &#8220;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.<\/li>\n<li>Bitcoin has just broken &#8220;out of a long downward trend line.&#8221;<\/li>\n<li>Prices have recently posted a higher high.<\/li>\n<\/ul>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bit surprised at the amount of bearish sentiment I&#39;m seeing on CT [not really as a contrarian]. A recap of this year &#8211;<\/p>\n<p>&#8211; price up 160%<br \/>&#8211; solid retracement as long as the parabolic spike up<br \/>&#8211; break out of the long downward trend line<br \/>&#8211; higher high<br \/>&#8211; looking for higher low <a href=\"https:\/\/t.co\/Gev1iaAi6N\" rel=\"nofollow\">pic.twitter.com\/Gev1iaAi6N<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/51545856?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 26, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Long-Term Bottom Signals Continue to Flash<\/strong><\/h2>\n<p>Dave isn&#8217;t the only analyst expecting for Bitcoin to start to form an uptrend once again.<\/p>\n<p>Willy Woo \u2014 partner at Bitcoin fund Adaptive Capital \u2014 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.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2020\/01\/25\/crypto-tidbits-elon-musk-talks-bitcoin-ripple-ipo-coming-facebooks-blockchain-loses-another-member\/\" data-wpel-link=\"internal\">Crypto Tidbits: Elon Musk Talks Bitcoin, Ripple IPO Coming, Facebook\u2019s Blockchain Loses Another Member<\/a><\/h6>\n<p>Also, analyst <a href=\"https:\/\/twitter.com\/CryptoKea\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">Cryptokea<\/a>\u00a0<a href=\"https:\/\/twitter.com\/CryptoKea\/status\/80785920\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">recently noted<\/a> that the worldwide Google Trends, well, trends for the search term<a href=\"https:\/\/wncen.com\/2020\/01\/24\/key-google-metric-bitcoin-explode-100000-parabolic-rally\/\"> \u201cBuy Bitcoin\u201d have recently hit a seven-month high<\/a> \u2014 the highest since June 2019 \u2014 at &#8220;10.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ Googling for &quot;Buy Bitcoin&quot; just reached a 7 months high (Score 9). The long-term upwards trend is undeniable. The last time the score reached a 10 was:<br \/>Nov &#39;13 (bull top),<br \/>May &#39;17 (price on parabolic run-up),<br \/>Jun &#39;19 (medium-term top)<br \/>&gt;Feb &#39;20 (price on parabolic run-up?) <a href=\"https:\/\/t.co\/tkdXIEvM3Q\" rel=\"nofollow\">pic.twitter.com\/tkdXIEvM3Q<\/a><\/p>\n<p>&mdash; CryptoKea (@CryptoKea) <a href=\"https:\/\/twitter.com\/CryptoKea\/status\/80785920?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 20, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The latest Google Trends \u201c10,\u201d Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the\u00a0<a href=\"https:\/\/wncen.com\/2020\/01\/23\/bitcoin-price-go-vertical-above-10000-this-level-holds\/\" data-wpel-link=\"internal\">$14,000 high.<\/a><\/p>\n<p>He added that the \u201clong-term upwards trend\u201d for this metric, which is correlated with growth in the price of Bitcoin, is \u201cundeniable,\u201d pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>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 &#8220;dump&#8221; to $1,000 to complete a chart pattern. Related Reading:\u00a0XRP Analyst Suggests IPO Could Be Game-Changing for Ripple: Here\u2019s 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&#8217;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 recently laid out four reasons why he is &#8220;surprised at the bearish sentiment&#8221; 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% \u2014 this is a performance that effectively outpaces all other crypto assets, stocks, and commodities. BTC has seen a &#8220;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 &#8220;out of a long downward trend line.&#8221; Prices have recently posted a higher high. Bit surprised at the amount of bearish sentiment I&#39;m seeing on CT [not really as a contrarian]. A recap of this year &#8211; &#8211; price up 160%&#8211; solid retracement as long as the parabolic spike up&#8211; break out of the long downward trend line&#8211; higher high&#8211; looking for higher low pic.twitter.com\/Gev1iaAi6N &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) January 26, 2020 Long-Term Bottom Signals Continue to Flash Dave isn&#8217;t the only analyst expecting for Bitcoin to start to form an uptrend once again. Willy Woo \u2014 partner at Bitcoin fund Adaptive Capital \u2014 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:\u00a0Crypto Tidbits: Elon Musk Talks Bitcoin, Ripple IPO Coming, Facebook\u2019s Blockchain Loses Another Member Also, analyst Cryptokea\u00a0recently noted that the worldwide Google Trends, well, trends for the search term \u201cBuy Bitcoin\u201d have recently hit a seven-month high \u2014 the highest since June 2019 \u2014 at &#8220;10.&#8221; 1\/ Googling for &quot;Buy Bitcoin&quot; 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 &#39;13 (bull top),May &#39;17 (price on parabolic run-up),Jun &#39;19 (medium-term top)&gt;Feb &#39;20 (price on parabolic run-up?) pic.twitter.com\/tkdXIEvM3Q &mdash; CryptoKea (@CryptoKea) January 20, 2020 The latest Google Trends \u201c10,\u201d Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the\u00a0$14,000 high. He added that the \u201clong-term upwards trend\u201d for this metric, which is correlated with growth in the price of Bitcoin, is \u201cundeniable,\u201d pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":412339,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[166,428,1155,24132,4198],"class_list":["post-412337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin","tag-bullish","tag-dave-the-wave","tag-tradingview"],"acf":[],"yoast_head":"\n<title>Scarily Accurate Analyst Gives 4 Reasons Why Bitcoin Price Won&#039;t Crash at $8,500<\/title>\n<meta name=\"description\" content=\"Once Bitcoin (BTC) started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions. 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My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.\",\"url\":\"https:\/\/wncen.com\/author\/nickchong\/\"}]}<\/script>\n","yoast_head_json":{"title":"Scarily Accurate Analyst Gives 4 Reasons Why Bitcoin Price Won't Crash at $8,500","description":"Once Bitcoin (BTC) started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions. 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