Bitcoin may have experienced significant gains in the past 48 hours, but Jonny Moe, a crypto analyst, believes the plunge in the market is far from over. According to Jonny Moe in a tweet, Bitcoin will dump to $6,000 and continue to trade sideways in 2019. However, the virtual asset will revisit its all-time high sometime next year.
Bitcoin Records Gains After Declining in Late August
As at press time, Bitcoin is valued at $10,529, with a 1.04% increment in the past 24 hours. Bitcoin’s price has remarkably increased from its day’s low of $9,421 on August 29, 2019. On September 2, 2019, the price surged from $9,730 and traded as high as $10,736 the following day.
However, despite Bitcoin losing some value in the past few weeks, Jonny Moe thinks that the worst is yet to come. The analyst remarked that Bitcoin has been consolidating sideways for about two months now. Moreover, it has been a descending triangle consolidation. As such, he believes the crypto asset will test the $6,000 mark, a level it traded at back in May.
Bitcoin Going Too Fast
In another tweet on July 17, 2019, Jonny Moe remarked that the spike in the Bitcoin market had occurred too fast. Thus, a downtrend can be expected. When one of his followers asked what would change his opinion about Bitcoin tanking to $6,000, Jonny Moe said it is when there is an upward break of the descending triangle consolidation and Bitcoin trades above $11,500.
On the other hand, Jonny Moe, while referring to the last two halvings, said Bitcoin only surged to a new all-time after its halving. Therefore, the crypto asset will continue to consolidate and trade sideways throughout 2019. However, there is a high chance Bitcoin will hit $20,000 in 2020 and even a new all-time high after May 2020 halving.
Analysts Expecting A Bitcoin Bull Run
The crypto analyst’s prediction is coming at a time when other enthusiasts are forecasting that Bitcoin will spike soon. An instance of this is Peter Brandt, a veteran trader who said there is a possibility that Bitcoin has entered its fourth parabolic phase, which could take its price significantly high.
On the same note, ADVFN CEO Clem Chambers recently opined that the U.S. and China trade war might continue longer. If it does, the trade battle will work in favor of Bitcoin, which could lead to a bull run that will see it priced above $20,000 by Christmas or sooner.