— Josh Olszewicz (@CarpeNoctom) September 7, 2020
Popular analyst, Josh Olszewicz, says if Bitcoin doesn’t hold these levels and if we break the 200-day moving average, then we are likely to see a drop to $8,100.
Trader il Capo Of Crypto claims the long term trend is mirroring that of Nasdaq in the early 2010s, in its early days of the mega bull run.
The analyst believes as long as we hold these prices then Bitcoin is on a similar trajectory to Nasdaq in its decade-long bull run.
And if Bitcoin can hold the bearish pressure and remain above $9,900, il Capo Of Crypto belives we could go on a multi-month bull run and see new all-time highs.
Many other macro investors are bullish on Bitcoin. Mike McGlone, a senior commodity analyst at Bloomberg Intelligence said,
‘Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. Our graphic depicts Bitcoin marking time for a third year following the parabolic 2017 rally… Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year if it follows 2016’s trend.’
He’s not the only one. Raoul Pal recently said ‘a perfect storm had brewed for Bitcoin’. The Real Vision CEO said macro and Bitcoin technical analysis was all coming together perfectly.
With the global economy in a roadblock, and governments doing their best to devalue their currencies, non-correlating assets are looking much more attractive to professional investors, claims Pal.
Whereas, Devere Group CEO, Nigel Green believes Bitcoin will overthrow gold and become the ultimate safe haven for investors hedging against inflation.
Green said, ‘Bitcoin, which shares its key characteristics of being a store of value and scarcity, could potentially in the future knock gold from its long-held top spot as the world becomes driven by the tech revolution.’
The short-term price is never easy to predict, and there are bulls and bears with good cases.
That said, we are in a bull cycle, and these drops rarely drop further in bull cycles, so a drop under the 200 DMA is unlikely.
And buying the dip has rarely not paid off for any long-term Bitcoin hodler.
Raoul Pal, Nigel Green, and Mike McGlone are all revered traders, and they’re all super bullish on the outlook for Bitcoin.
Is it time to buy the dip? In my opinion, while we’re under tin the early days of this bull cycle it’s always time to buy the dip.
Author: Tommy Limpitlaw
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.
