Analysts are positive that Bitcoin remains in a large-scale bull trend, despite the coin showing no movement over the past few weeks. Galaxy, a trending cryptocurrency trader and researcher said that if Bitcoin ever comes close to a range of $5,900 to $6200 he would invest long-term and liquidate at $25,000.
To prove his case, he attached this chart that shows the potential bottom of $6,000, a shoot to $17,000, strengthening between $15,000 and $17,000, and then finally topping at $25,000 in the coming year.
Dave the Wave, Travis King, and Mike Novogratz join Galaxy in expecting a $25,000 price in the near future.
Dave the Wave, a famous cryptocurrency trader who predicted the drop from $10,000 to $6,700 has now forecast a macro bull trend. Using the Elliot Waves he extrapolated from the chart of BTC, Dave suggests in a tweet, Bitcoin will bottom in the lows of $6,000 by around February 2020, then surge to $25,000 by the beginning of 2021.
In recent interviews, Travis Kling and Mike Novogratz have asserted that BTC will hit $20,000 and hit a new all-time high by early 2021. Macroeconomic trends also play into these predictions.
The world’s central banks are driving their policy interests lower leading to higher liquidity in global markets and an increase in demand for alternative assets. This will likely provide a jolt to the Bitcoin market in investments.
Civil unrest across many regions in the world plays into the hands of the much-awaited mass adoption of Bitcoin and cryptocurrencies. A decentralized currency would offer many benefits not enjoyed with fiat currency.
Price appreciation due to BTC’s inflation cut in half by May next year and further adoption is likely to push the cryptocurrency into the 5 to 6 figures range. Bloomberg’s Mike McGlone’s confirms this.