Long-Term Bitcoin Outlook Is “Super-Bullish,” Says Analyst Who Called 2019 Bottom

Other indicators corroborate this. Blockchain analytics firm Glassnode recently noted that approximately 60% of all BTC in circulation “hasn’t moved in over a year, showing increased investor HODLing behavior.” The last time this much of BTC (percentage-wise) was frozen was “right before the BTC bull market of 2017,” prior to the 2,000% rally that took Bitcoin from $1,000 to $20,000. Chart of Bitcoin investor habits from crypto analytics firm Glassnode (@Glassnode on Twitter). The image was shared on May 29th, 2020. There Could Be a Short-Term Drop While Dave the Wave sees a bright future ahead for Bitcoin, he does believe that the asset could be subject to correcting lower in the near term. He shared the chart below on May 28th, opining that BTC remains in a textbook descending triangle similar to the one seen at the peak of the market in 2019’s bull market. The descending triangle shows that should Bitcoin break to the downside, it will fall towards $7,000.

Has anyone drawn a descending triangle yet? This would double up nicely with the .38 fib [just taking price into the 6K range], and triple up with the larger reverse head and shoulders drawn a month ago above. pic.twitter.com/sIXncYI0wM — dave the wave (@davthewave) May 28, 2020

The analyst added that from a long-term growth perspective, Bitcoin is currently looking a “tad high.” This could imply an imminent correction to more sustainable levels. He isn’t the only market participant to have reminded investors to be cautious as Bitcoin pushes higher. As reported by Bitcoinist previously, one trader recently noted that Bitcoin’s recent price action looks eerily similar to that seen at the February highs of $10,500. Both periods have similar phases, including a triple-top pattern near a horizontal resistance. Should BTC trade as it did after February highs, a strong drop could ensue in the following weeks. This would line up with Dave the Wave’s analysis. Featured Image from Shutterstock

source: https://bitcoinist.com/long-term-bitcoin-outlook-super-bullish-analyst-who-called-2019-bottom/?utm_source=rss&utm_medium=rss&utm_campaign=long-term-bitcoin-outlook-super-bullish-analyst-who-called-2019-bottom

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