Analyst Warns Big Bitcoin Shakeout Looming
A popular crypto analyst says Bitcoin is poised for a major drop.
Trader Escobar says the momentum that brought the price of BTC to nearly $14,000 in June has stalled. He expects BTC to plummet to around $7,000 by the end of October. After that, he believes Bitcoin will skyrocket to a new all-time high by the end of the year.
“Can’t wait to buy Bitcoin at $7k at end of Alt pumponomics.
Closing short term long play here. Completely out market aside from Long term Short @ 12.2k. I scanned all Binance Alt charts only two bullish market structures I see is WABI and ENJ, Wabi is on 4th corrective wave and Enj could get hurt from potential BTC drop.”
Analyst and economist Alex Krüger says BTC is still ranging between $9,000 and $12,300.
“Targeting a $10,800 breakout, taking price to at least 11,300 is a good trade short-term to me, with invalidation around $9,800. Stops should be tightened to the $10,300-$10,000 range after $10,300 stops taken out and level rejected, or once above $10,600, and to BE after $10,800.
Two weeks later, price is at the same level after tossing bulls and bears around even further within the range. However, chart is now more bullish given last week’s new bears, now trapped. Key level above is 10,800. Expect next test to break.”
In addition, Krüger cautions that despite the rhetoric, Bitcoin has yet to achieve its status as a macro asset.
“It should become one as the market matures, as it’s increasingly seen as digital gold and is a hedge against the TAIL-RISK of fiat systems collapsing, i.e. a put option on central banks without expiry.”