Bitcoin, at press time, is a little above $10,400 according to ZyCrypto’s Bitcoin Price Index and slowly inching closer to the $11k mark. Even with this small progress, Bitcoin is still largely a shadow of itself just as recently as a few months ago.
Even though most sentiments from many analysts are still reasonably bullish, Bitcoin’s current trajectory has not exactly been encouraging causing many hodlers to consider taking a step back from investment moves made with bullish sentiments. Now a trader and analyst has disclosed certain forecasts about Bitcoin’s long term and medium-term future.
The trader, Dave the Wave (@davthewave), has suggested that previous predictions that have put Bitcoin anywhere above $100,000 in the next few years should be disregarded.
He believes that Bitcoin is bullish but only in the long term. Dave has previously explained that the cycles Bitcoin has gone through in recent times hasn’t been as short-lived as they once were. Because they take a lot more time, any prognostication or forecast being made about quick short-term movements for the king coin might be a little too optimistic.
There is also something to be said about Bitcoin’s behavior. Recently, Bitcoin has been a lot more stable than it used to be and even though there are still some jumps as well as pullbacks, sudden and heavy fluctuations are considerably reduced. This definitely means that even if there is to be a surge, it will most likely happen very slowly.
New resistance and support levels, however, seem to have been set and analysts have been hovering around marks ranging from $9,300 to $9,700. Whether or not these are accurate could still boil down to Bitcoin’s recent sluggish nature, however, Dave the Wave’s medium-term bearish forecasts automatically mean that there is something to come if you’re in it for the long haul.
There might be a few reasons to make a case for a medium-term bullish Bitcoin market. Firstly, Bitcoin’s next halving is a few months away and prices are expected to jump.
Secondly, many believe that Bakkt’s launch of physically settled Bitcoin futures will do great for the Bitcoin market. The Bakkt launch is only a few weeks away and who knows, there might be a positive turn of events.
