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.ADVERTISEMENT
“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.