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Bitcoin price drop to $2.4k still possible: analyst

Bitcoin price drop to k still possible analyst

Bitcoin price predictions keep pouring in but this one is important since it comes from the guy who predicted the 12th March Bitcoin movement.

The market data has been showing major contradictory signals since the fall occurred due to Covid-19. One bold analyst has claimed that in the upcoming days, Bitcoin will see its greatest fall in over a year.

 

The analyst with the twitter handle @TheMoonCarl, i.e. The Moon, tweeted that the final BTC value will fall to $2,400 if the bear flag support breaks, however, the four-hour price chart he based his theory on does not seem to coincide with other timelines. It’s important to mention here that The Moon was the one who successfully foretold the price fall on 12th March.

Bitcoin price Fundamentals remain strong

Chart data in itself can signify many possible conclusions hence, other market forecasts should be considered and examined before concluding any price prediction.

Many analysts have been using pointers to indicate BTC’s potential for big gains. Some of them are the BTC halving event due on 18th May 2020 and an overall major rise in Blockchain activity.

Also important to note is the fact that the Bitcoin price has been increasing in value since the price drop on 12th March. In the past 2 days, the Bitcoin price has increased almost to the $7,000 mark. 

Keeping these points in mind is reason enough to remain optimistic that the King Coin is anything but doomed.

Many influential figures believe that traditional currency is doomed as the government keeps on printing paper money in this time of crisis. Among these highly noted figures are Changpeng Zhao, chief executive officer (CEO) of Binance and Anthony Pompilano. They believe that present government activity will cause inflation in the upcoming months which will result in high gains for cryptocurrencies.

https://twitter.com/cz_binance/status/1242208767573254146

 

Hence, even if BTC experiences a significant price drop, inflation, and other factors all point to a stable and high gaining future for the flagship cryptocurrency.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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