One analyst is now trending in the Bitcoin news today because of his opinion on the dominant coin. As he said, the Bitcoin accumulation on 896 days is going to spark a new $100,000 Bitcoin bull run – all because of the giant repositioning.
The analyst claims that this kind of repositioning hasn’t been seen since December 2017 – which was the period when BTC neared $20,000 – and noted that the cryptocurrency has spent almost 900 days correcting from its $20,000 all-time highs, but its trip to $100,000 is about to start.
This is the opinion that the popular social media trader and analyst Positive Crypto has, proudly unveiling it on Twitter while declaring that the largest cryptocurrency and its 896-day climbdown would soon be over.
— Credible Crypto (@CredibleCrypto) May 29, 2020
The analyst bets on a Bitcoin bull run now and said that the Bitcoin accumulation has been “a massive one,” during which investors repositioned themselves and bought in. The “consolidation structure,” as he noted, is now ripe for disintegration, giving way to a new bull run which will obliterate the $20,000 zone in the upcoming cryptocurrency news.
As he wrote in one of the comments on his post:
“The last 896 days were simply one massive re-accumulation phase before the run to 100k+ #bitcoin, and the consolidation structure will soon be broken. Are you prepared?”
Positive Crypto is now certain that the BTC price has entirely erased the losses from its March crash, which formed a “higher low” compared to the peak of the bear market in December 2018. This cycle of “higher lows” positions the market for an upside, as the chart below suggests.
Meanwhile, other analysts have different theories on a potential Bitcoin bull run. While Positive Crypto thinks that Bitcoin accumulation is going to trigger a new bullish momentum, the analyst PlanB predicts a $288,000 price tag for BTC by 2024, which is one of the most optimistic predictions out there on the market. The all-time highs, according to PlanB, can reach up to $576,000 per Bitcoin (BTC).
Currently, BTC is nearing the $9,500 mark and network indicators show that around 60% of the supply has not moved in a year or more. Bitcoin’s position in its so-called “HODL wave” historically triggered bull runs in every previous cycle.
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