One crypto analyst, beside the most of the crypto analysts which in the bigger part of 2019 gave overly optimistic and bullish predictions, expected that Bitcoin’s bull run to have already finished, remained cautious, waiting for Bitcoin’s parabolic rally to be over and come back down to the “buy zone” as we are reading in the latest bitcoin news.
The expectation was reached and the “buy zone” has been hit, though the analyst expects Bitcoin to remain within that “buy zone” for the bigger part of 2020, putting the biggest crypto in full “accumulation mode” The crypto market is a bullet-like, gold-rush style market that nor sleeps nor closes, and is filled with controversial, eccentric and outspoken individuals that are posing as analysts, eager to make some predictions about the future market directions of both profit and grow their followers base.
Many of these charlatan-like analysts focus their attention on short term swing trades only, giving the appearance that they are experts. Still, they often fail to understand the bigger picture or fail to make use of the long-term investors approach.
One well-known crypto analyst who almost exclusively focuses on long-term plays on cryptos like Bitcoin or precious metals has for a long time shared charts that targeted the current price levels as a perfect buy zone. Some of the charts calling for BTC to be traded in this trading level were shared much before the cryptocurrency ever topped out in late June and early July this year.
The theories of the analyst are based on Bitcoin’s long-term logarithmic growth curve, which he claims that serve as ongoing support for the cryptocurrency, which generally returns back to the curved support line, acting as the asset’s “mean”. After the parabolic rally in 2019 which got deflated a little too fast, the analyst has been expecting a return to mean that will take Bitcoin down to $6,700.
The price of BTC has reached the target that the analyst expected and he now maintains that while the first price fall for the crypto may be lower than the current levels, it won’t stay there very long and will trade within the buy zone range most of 2020.
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