Bitcoin May See a Bearish Market Expanded By September 2020
Bitcoin’s (BTC) half has occurred but the big bullish trend that crypto traders have been waiting for a long time has not started yet. In terms of market value, even though Bitcoin has shown a steady increase since March, according to some analysts, the bear market may continue for another three months and therefore a downward trend may occur.
Bitcoin price is consolidated again below the $ 10,000 level, which is considered critical resistance. The leading crypto asset is unable to hold on for long, despite trying over and over $ 10,000. Although the current economic environment seems to be ideal for the growth of Bitcoin, there may be another correction according to cryptocurrency analysts.
According to Dave the Wave, known for its long-term investment analysis, Bitcoin price will suffer a serious drop in September 2020.
— dave the wave (@davthewave) June 3, 2020
The analysis by Wave is based on bullish trends and bearish trends over a period of time. The price chart, shared by the analyst, points to a situation similar to the fact that Bitcoin rose from $ 3,200 to $ 14,000, and then dropped to $ 6,400.
The $ 10,000 rejection in recent days could lead to the expansion of the bear market, which has been going on for two years. As a result of a break above the level of $ 10,000 towards the end of the year, the bear market will spread over a total of 3 years.
Many Bitcoin experts state that the half-life in Bitcoin is as expected, and we can see its effects at least 100 days later. However, as in the analysis of Wave, a major collapse in September 2020 may cause this time to prolong.
The common view after the collapse is; the long-awaited rise will trigger the bull market. The uncertainty of the corrections that will take place after the half-up and the fear in the markets caused by this uncertainty tend to point to the downward trend that has been going on for the next few months.
However, when similar situations in the past were analyzed, Bitcoin had given a short-term purchase opportunity before it started to rise. Later, fast rises were observed in Bitcoin.