Joe Saz is mapping out the short and medium-term possibilities for Bitcoin and the altcoin market.
The technical analyst and Bitcoin maximalist tells BlockTV he thinks Bitcoin’s sudden move from around $7,500 to $9,900 in late October shifted the overall trend of the leading cryptocurrency.
He’s now looking for BTC to stage a fake-out and once again shift to the upside, reaching $14,500 in the next six months.
“We had a nasty pump again that might have shaken us out of a bear market. And I do think that the halving is going to be its own separate entity six months from now. I just don’t think the market is going to remember all this the same way that a traditional asset would…
I think that volatility is why I say its memory is very short, a short time frame. To me, this is a different cycle. The breakdown from the descending triangle was the bear market. The pump saved us from a bear market. And we [also] had a pump save us from a bear market on April 2nd.
So I have no reason to believe that we can’t be at $14,000 Bitcoin, $14,500 by the halving. I really think that’s a strong possibility. If we were to not have had that pump, I probably would have said $8,000 at the halving.”
According to Saz, Ethereum and Litecoin appear poised for a short-term turnaround.
But he warns that in the volatile and risky crypto market, anything can happen and traders should do their own research and ensure they are managing risk properly.
“Litecoin is one of the coins that people often say leads the charge, so I’m ok with hearing that.
And I think it’s possible we could have a little bounce here in the altcoin space. If I was to use alts as an indicator it would have to be Litecoin and Ethereum.”
Saz is a longtime skeptic of XRP and the crypto payments company Ripple.
He believes the chart for the third-largest cryptocurrency by market cap remains bearish.
“We’re still a penny, two pennies away from entering this wick space. It is looking bearish. We did seem to have a little bit of relief for a single day, but that seems to have been crushed already with the bearish engulfing candle.
We’re still 11 hours out from the daily close. So XRP is still looking bearish to me into this wick space.”
"I believe that six months from now going into the halvening we will be seeing $14,500 or so." – @Joe_Saz.
— BLOCKTV (@BLOCKTVnews) November 20, 2019