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The Daily Hodl
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Crypto Analyst Predicts ‘Violent’ Bitcoin Reversal – BTC, Ethereum, XRP, Litecoin Forecasts

by Daily Hodl Staff
June 10, 2019
in Trading
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

‎‎‎ ‏‏‎

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The founder of Bitcoin alpha fund Adamant Capital believes Bitcoin’s price has “gotten ahead of itself” and investors should brace for a “violent correction”.

According to Tuur Demeester, the breakdown will likely bring BTC well below the high of its current parabolic curve.

“Should $9,000 prove the top (which is not a given) and if then we’d see a 2012-style correction repeated, we would expect after an initial crash to see bitcoin trade in a range between $6,800 and $7,680 (27–44% retrace of the rally)…

We think that, fueled by event-driven demand from China, the price has gotten ahead of itself. When Mr. Market moves from devastating paper losses (~capitulation) to massive paper profits (~greed) in 6 months time, he is experiencing a psychological shock to the system that needs time to be processed.

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In our opinion, and as Peter Brandt argues, for this bull market to continue at a healthier pace we need for the FOMO to subside, which will likely happen via a violent correction. After that, we could for a few months see bitcoin trade in a range with lows that are 25% below whatever the high this parabolic curve will produce.”

Even if the Chinese yuan continues to weaken, Demeester says there is likely a psychological price limit that will prevent Chinese investors from buying more BTC.

“On May 5th, the Chinese Yuan started weakening against the US dollar, and 13 days later traded 2.5% lower – a huge move in forex terms. Remarkably, that was also the week that bitcoin broke above the resistance of $6,500. In short, there’s a significant chance that in fact it was Chinese investors who pushed bitcoin in bull market territory this year…

We won’t venture a guess as to how much weaker the yuan could get, but barring a dramatic devaluation it seems reasonable to assume that (especially in the absence of a retail mania) there must be a short-term psychological limit to the price at which Chinese investors are willing to keep buying bitcoins.”

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Right now, the crypto market is in the green. Bitcoin is up 3.50% at $7,941 according to COIN360. Ethereum is up 5.35% at $244.54 and XRP is up 4.33% at $0.3988.

Source: COIN360

Technical analysts at large say despite today’s rally, Bitcoin bulls still have their work cut out for them.

Bitcoin

FXStreet – Bulls need to push BTC/USD above $8,150

Blockonomi – Bitcoin surge to $8,500 or drop to $7,500 hangs in the balance

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Ethereum

CoinCodex – ETH rebounds from November 2018 resistance

NewsBTC – Ethereum (ETH) price weekly forecast: more downsides likely

XRP

Blockonomi – Short-term recovery underway, $0.40 holds key

FXStreet – XRP/USD bulls flirting with $0.4000, pennant breakout eyed

Litecoin

Ethereum World News – Bulls sighting fresh increase above $120

Blockonomi – LTC increases past resistance and hits $127

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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