BTC Set To Range Between $4,000 And $6,000
According to 8BTC, an Asia-centric crypto outlet, Zhao Dong, one of ’s biggest names in the space, has taken to Weibo to express his thoughts on the current state of this embryonic market. Interestingly, Zhao was adamant that ’s rally seen last week, which brought the asset above $5,000 for the first time since November, isn’t a clear sign that the bear market is over. This quip comes as some notable industry specialists, like Fundstrat’s Tom Lee, have that bears are readying themselves for hibernation, not continuing their bloodshed.
Zhao explains that more likely than note, will likely trade within a relatively tight range, between $4,000 and $6,000 (many see this as a make or break point for ), for a few months. He explained that while there are unlikely to be lower lows, this market will remain relatively stagnant for half a year, but may begin to see a resurgence in October.
This isn’t the first time that a trader has called that is likely to take a chill pill from here, so to speak.
Stagnation
Vinny Lingham, the chief executive of Civic, that the ongoing rally for might not be sustainable. Lingham pins his thought process to a single fact: , or what the entrepreneur calls “various crypto assets” have yet to decouple from the price action of , the de-facto grandfather of digital assets. This, he sees, as fact that en-masse remain somewhat immature, meaning that there is still a need for a further shakeout, whether that is through range or a fresh low.
As by World News previously, CryptoHamster expects for digital assets’ price action to slow henceforth. A chart posted by the analyst depicted that ’s price action from the December bottom at $3,150 to the recent move past $5,200 and beyond eerily resembles that seen in 2015 and 2016, when double bottomed and rallied. The only effective differences in the shape of the charts were late-2015’s final capitulation event, in which the low under $200 was retested, and the fact that the ongoing move is compressed by about to about one-fourth the time frame. If 2015 and 2016’s price action plays out here, this means that will stagnate in the low $5,000s for the coming two months.
Zhao Is Still Long-Term Hyped
Zhao and his peers seem to be convinced that fresh all-time highs for aren’t in its short-term scopes, but he sees a future for the . Per from this outlet, he claims that now is the optimal time to stack up holdings, as the general public has avoided this industry like the plague in recent months. He adds:
Meanwhile the next wave of more promising ones will emerge from ashes, making 2019 both the best time and the worst time for investors and entrepreneurs.
And with that, he concluded that once “crypto summer” returns, could easily swell to $50,000, especially as the halving boosts the market across the board.
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Published at Fri, 12 Apr 2019 04:11:49 +0000
