While Bitcoin price surprises many investors with a rally up to $ 9,400, some have opened the door to increase the targets for the future and revive the hopes of price increases. Even though BTC achieved an incredible rally and went up to $ 9,400, it went back down to $ 9,000 again, and now there is a huge uncertainty about the direction of the price.
Although a record price increase showed that the power was in the bulls, it was also seen that the price experienced very sharp decreases after breaking a record in similar situations. The sharp declines, especially in 2017 and 2018, further increase investors’ uncertainty.
Famous Analyst Announces Bitcoin Prediction
A cryptocurrency analyst, who predicted that the price will drop to $ 3,200 in 2018, made his own assessment of the situation. Benjamin Blunts stated that he is still in an upward trend in his estimation based on Elliot Wave analysis and that $ 10,000 seems to be close.
#btc made 5 waves down on the smaller timeframes, abc back up and swiftly rejected the 0.618 almost to the $ and now i think we get one more leg down into low 8ks.
imo this will be a buy the dip opportunity in strong uptrend pic.twitter.com/M0nSv4OwPJ
— ⚔️SNX 40 dollah Bluntz⚔️ (@SmartContracter) May 2, 2020
According to the analyst, Bitcoin Halving will come with the price hike and will be exceeded at the end of the $ 10,000 threshold.