Bitcoin is currently trading in the red at the $7,500 level. But analysts are not feeling down by this as veteran bitcoin analyst Willy Woo predicts Bitcoin to flash dump just like Gold did in 2008 Wall Street Financial Crisis only to get charged by the bulls. Whereas crypto king, Bart Smith is expecting higher highs and higher lows onwards.
Bitcoin [BTC] to flash dump, then off to the moon
At the time of writing, Bitcoin Price has been trading in the red at the $7,500 price level. For the past three days, the market is registering corrections after almost two weeks of experiencing the bulls.
The total market cap has dropped down to $267 billion after coming close to reaching $300 billion. However, the BTC dominance is at its year’s highest with 48.5%.
Bitcoin price might not be faring well, but these crypto analysts believe it’s of no worry as prices would be soon rising.
Willy Woo, the renowned cryptocurrency analyst has yet again predicted the price of Bitcoin after correctly forecasting it in May. That time he has said that Bitcoin would be testing the “$5500-5700” level before any recovery could be seen. In late June prices hit its lowest at $5,800.
This time as well, Woo is predicting Bitcoin to “flash dump” just like Gold during the Financial Crisis of Wall Street in 2008 before having a bull rally as institutional investors will be moving to Bitcoin.
“Interesting to see most think BTC will moon. I think BTC will flash dump, then moon afterward, just like with Gold in WFC 2008. Flight to safety: everything else sells off to USD, then used to unwind leveraged positions, then afterward havens like Gold and BTC have a bull run.”
Probably also contingent on how many institutional players are in the BTC market over that period. Normal retail HODLers won’t tend to have large leveraged positions to unwind from, apart from maybe mortgages.
— Willy Woo [beware of imposters] (@woonomic) August 1, 2018
Higher highs & higher lows, that’s to be the Bitcoin way
Woo also shared some trading advice as he stated, “When in bear, stay in USD as a base currency, then short (and long with extra care). When in bull stay in BTC and do vice versa.”
He also held a Poll over the, what about bitcoin price in global banking crises that held its own interesting conversation in the comment section of the tweet.
In a global banking crisis. BTCUSD price chart will:
— Willy Woo [beware of imposters] (@woonomic) July 29, 2018
Another crypto enthusiast is Bart Smith, the head of digital assets at Susquehanna that recently in an interview with CNBC said Bitcoin needs higher lows and higher highs. In contrast to Willy Woo, according to Smith, $6,800 will probably the BTC bottom.
“A lot of traders see the $6,800 level is something it needs to break through. We have lower highs and lower lows, and we need to break out of that. You look forward to a new bitcoin ETF coming out, and there is a lot of enthusiasm. The price goes all the way up to $8,400. The ETF gets rejected, and it goes down again. We need to see higher highs and higher lows, so the continuation to breakthrough and hold at $7,500 and bounce higher.”
Smith also stated that for evolution in the Bitcoin market, big names need to enter to provide an incentive to the institutional investors to make investments into the crypto market.
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A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]