During the last two days, the price of Bitcoin (BTC) has finally begun to show some fightback. Following on from the severe drawdowns we observed since the start of the week, which saw BTC plunge to $7,700 from what was thought to be a relatively stable $10,200, this strength has certainly been welcomed and appreciated.
Having said that, one analyst declares that it's not over for Bitcoin just yet, stating in a recent analysis that the cryptocurrency still has at the very least another 25% to fall from here. Still, the exact same analyst forecasts for BTC to start flirting with its previous all-time high of $20,000 in 8 months' time.
What’s Next for Bitcoin?
If you trawl the BTC price talk pages you will see several varying viewpoints and analysis however as stated above, one prominent technical analyst sees it as still a ways to go before Bitcoin’s collapse is complete and we return to a more positive chart.
In a recent Twitter post, they remarked that Bitcoin's markdown period is yet to finish, somewhat looking to the truth that the cryptocurrency is underneath a set of prominent moving averages, and is thus weak.
What's likely according to them is that BTC drops to the key supports in the low-$6,000 s by November, builds up there into January of 2020, at that point rockets higher into May 2020's block reward reduction event– referred to as a “halving” or “halvening”.
The trader’s analysis corroborates a much-ballyhooed historical trend that prior to a halving, Bitcoin sees months of “reaccumulation” after an early-stage bull market expansion and an initial bottoming process.
What Consolidation? BTC To Bounce Back Soon
Although the analyst discussed above is supportive of a drawn-out accumulation in the $6,000s, there are of course, many, or at least some, that are convinced that it will only be a few short weeks before Bitcoin once again breaks into the $10,000 region.
Speaking to British paper The Independent, Simon Peters, analyst at eToro, opined that BTC is primed and ready and in a perfect position to once again, retake five digits:
“Now that Bitcoin is now trading below $8,500, it could become an attractive proposition for investors who want to buy the dip. Fundamentals such as hashrate remains strong, and adoption of crypto is still moving forward at pace. With those conditions in mind, we could see the price rise back up to $10,000 within the space of the next month.”
And Joe DiPasquale, the CEO of BitBull Capital, echoed this positive sentiment, going even further as to streamline and shorten the timeline for recovery. The industry executive professed to CNBC that as “Bitcoin’s fundamentals remain strong”, a “price [recovery] back towards $10,000 [can be had] in the coming days”.
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