A popular margin trader on the crypto exchange BitMEX says Bitcoin is due for one more round of capitulation that will rid BTC of bandwagoners, placing a potential ascent to $100,000 on hold.
The trader, known in the industry as Flood, tells his 78,000 followers on Twitter that he expects a big BTC correction before the crypto king can target new all-time highs.
“There will be a time to be super bullish and long every dip with no regard for financial safety, but that time is not now. Once all the people who thought BTC would be a ‘Safe Haven’ during high volume equity markets are flushed out, we’ll have a glorious run to ATHs.”
The strategist sees the top cryptocurrency losing over 26% of its value in the near term.
“Rapidly approaching the bull’s last line of defense. Previously, it has just wicked past 8888-8600, if we start ranging while equities are getting torched we should just teleport to $7,100.
The trader says he expects BTC to skyrocket to $100,000 in the long run.
[adinserter block="1"]“Regardless of how low you think bitcoin might go, and even if you think it’s actually worthless you need to have a ‘suicide’ bag. This is so when bitcoin eventually goes to $100,000 a coin in the next decade you will not do a front flip off the highest building in your city.”
Bitcoin is up 2.45% at time of publishing at $9,603, according to CoinMarketCap.
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 losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Ahmed Muntasir
