- Bitcoin (BTC) remains in the positive zone with an eye on $10k
- Dave says it is too soon to be bullish
- Dave said Bitcoin might plunge to $6,700 in the coming eight weeks
Bitcoin News Today – Bitcoin (BTC) has been in the positive zone over the past few days. The digital currency has been recovering gradually, after plunging to the lows of $8,600 earlier this week. At press time, the world’s most dominant digital currency is trading at $9,556, which is slightly below its weekly high of $9,650.
This strong move has convinced many traders that the digital currency is back in the bullish zone. However, one prominent crypto analyst is saying that it is pretty too soon to be bullish. This drew a lot of attention as the analyst that made this suggestion has a proven track record.
Bitcoin (BTC) Price Today – BTC / USD
Dave’s Track Record of Bitcoin Price Predictions
The analyst – Dave the Wave – has given several accurate Bitcoin predictions over the past years. Many do not know him by his name, but he is very famous for some of his Bitcoin price predictions. In the middle of last year, when Bitcoin was making waves and pushing over the $10k hurdle point, the analyst predicted that digital currency would return to $6,400.
The analyst did not just predict the direction in which the coin will move right; he also predicted the trend down to the dollars. Earlier this year, he predicted that the price of Bitcoin would surge to $11k, and then it would correct towards the $8k region or even lower. While the high of the coin did not match his prediction 100 percent, the timing was on point. Besides, he missed the highs by just a few hundred dollars.
Bitcoin Might Plunge to the Higher-$6k Region – Top Analyst
Now, the analyst is saying that the world’s largest digital currency by market cap would plunge towards $6,700 in the next eight weeks. The digital currency is still trading in a textbook descending triangle. To corroborate his call, Dave shared:
“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 “
Things Might Change If Bitcoin Breaks $9,800
The bias of the analyst seems bearish. However, that does not mean he is stuck with it forever. He said that things can get interesting if the digital currency breaks over the $9,800 mark. Dave pointed out that $9,800 is a downtrend formed after the digital currency began trending lower after the $10,100 high it formed in April.
A similar trend occurred close to the $14k range last year, and this suggests it holds similar importance to the bulls to break right now. $10,000 is very crucial, and all eyes are currently on that level. Hence, Bitcoin might face another rejection if and when it rallies to $10k.