Bitcoin has had a strong correction in the past few weeks, down nearly 20% from the year’s highs to date. Analysts are split in the next step for cryptocurrency.
Many say Bitcoin is ready to correct because the US dollar is finding support and is experiencing a bounce. A technical analysis by a trader who has historically made accurate predictions confirms this expectation.
The analyst suggested that, while not revealing a concrete scenario, BTC could continue to decline until the end of 2020. This could be a bullish trend where Bitcoin will set for a strong bounce and then continue upwards.
According to an analyst; Bitcoin may be preparing to move towards $ 9,000 and then to $ 8,000 after this level. The trader shared the chart shown below after BTC’s correction and stated that macro resistance could serve as support for an expanded consolidation model.
The trader who made this prediction was justified in terms of the dates in his predictions.
Before the ongoing decline, the trader stated that he realized that the Bitcoin market was overheating and had to consolidate to change expectations. In 2019, he predicted that the bear market would hit a bottom at the $ 6,400 price point at that time, as was actually seen at the end of the year.