For months now, analysts have been asking if Bitcoin’s bear trend, which brought it from $14,000 to where it is now at $7,200, has ended.
While analysts have tried to spin things positively, claiming that BTC was on the verge of preparing to break higher yet again, the cryptocurrency market continued to tumble, putting in fresh lows every few weeks. And unfortunately for bulls, according to a prominent trader, there is likely to be one more leg down for Bitcoin.
Bitcoin Poised to Return to $5,000?
BlockTV, an industry video news outlet, recently hosted Tone Vays, a former Wall Street trader turned Bitcoin educator and analyst, for a BTC price analysis segment on their show.
While Vays has started to show signs of optimism, he remarked that he still expects for BTC to see the “next low to come in [during] the first quarter of 2020.” As to where this low in the cryptocurrency market will come in, the long-time cryptocurrency trader looked to the $5,000s, claiming that there’s a high probability Bitcoin will enter that range to put in a fresh low.
#WEEKINREVIEW: "I think we could have a little bit of a rally into the close, but I'm not really expecting anything above $8,000 any time soon. I'm looking for the next low to come in in the first quarter of 2020." – @ToneVays.
Vays’ call for a return to the $5,000s has been echoed by a swath of other prominent analysts working in the cryptocurrency space.
CryptoBirb, recently argued that Bitcoin still has the potential to see one final dump to $5,400-$5,600 — 23% lower than the current price of $7,150. The reason why this level is being targeted, it coincides with the long-term 0.786 Fibonacci Retracement level, which is where assets can often retrace to, prior to creating a bull trend reversal that will bring it back higher.
Some Beg to Differ
While the expectation that Bitcoin will return to $5,000 is a potent one in that many believe it, some say that BTC will soon break higher rather than lower.
Su Zhu, the chief executive officer Three Arrows Capital, recently remarked on Twitter that he believes Bitcoin’s price outlooking heading into 2020 is looking rather bullish.
The prominent industry commentator opined that per his analysis of the BTC/USDT trading pairs and their premiums to BTC/USD markets and the overall price action with Bitcoin, there are “clear signs of accumulation and money flow back into risk.”