A prominent crypto strategist who accurately called the bottom after the coronavirus-induced sell-off in March says he’s long-term bullish on Bitcoin, but not before the world’s leading cryptocurrency whipsaws traders.
In a tweetstorm, pseudonymous trader Bitcoin Jack says that he expects volatility to reign for the rest of the month before Bitcoin accelerates in June.
“Key requirements in May for my thesis: decent buy pressure this week with resistance between $10,500 to $11,000, sell-off into strong support at $9,000 – $9,500 that holds.
That would complete a running flat. If so, it is a recipe for an end of May / June rally.”
Should Bitcoin follow the script, the crypto analyst says BTC will begin to rise next month in a rally that ignites FOMO, mania and media attention en route to $15,000.
After the rally, Jack expects the top cryptocurrency to correct and form a base which would set the stage for a massive bull run to $20,000.
“I expect support ($9,000 – $11,000) to form by August. If my earlier thesis is correct, we should then rally towards previous ATH by Dec/Jan.”
On March 13th of this year, when the leading cryptocurrency plunged to $3,850 in a widespread market sell-off, Bitcoin Jack said that Bitcoin had bottomed out. The prediction turned out to be on target with March 13th marking a yearly low. Bitcoin is now trading at $8,666, up more than 125% since the call.