Bitcoin Trader, Mayne Predicts Further Decline to $7,500 Before a Bullish Run to $16K

Novogratz: Billionaire Upset at Bitcoin’s Downward Price Swing Wishing He Sold “a lot” more

In times like this, several analysts come to revive hopes and calm things down in the community. One such is the famous crypto trader/analyst known as Mayne.

Mayne brings to the attention of the community that what’s happening presently isn’t the first of its kind. In fact, he noted that bitcoin had been observed to have declined more than 40% multiple times even in a bull dominated market and still recovered swiftly.

However, he admitted he could be wrong, but BTC going bearish after a 40% decline would be a bad idea.

If things go Mayne’s way, it’s possible BTC further declines to the $7,500 mark before the bulls take over. This he expects will push bitcoin’s value up to $16,000.


Gordon Gekko Shares Similar Opinion

The CEO of Sir Gekko Capital Holding, Gordon Gekko, also expressed his view while commenting on Mayne’s tweet, sharing a chart which showed BTC in a similar state as now back in 2017.

In 2017, BTC’s price had declined in a similar pattern as of today, falling from around $2,600 mark, down to $1,800 before the bulls took over, pushing price back to new highs.

Gekko and Mayne’s View Opposed

Some members of the community had opposed Gekko’s chart, saying there was nothing to fuel bitcoin’s price this time compared to 2017.

A user by id @BTC_Ke had mentioned that when bitcoin traded at the $1,800 mark, it was around the same time scheduled for the bitcoin cash’s hard fork. This propelled bitcoin holders to demand more bitcoins to gain some free money, in bitcoin cash.

Another user, @MashersBag also shares a similar view with that of @BTC_Ke. He believes knowing what happened in 2017 would give everyone a good idea of why things turned out that way. Nevertheless, he believes that events in 2017 should never be compared to what’s happening in the market at the moment.

2017 vs. Now

There’s been a lot of controversies about how things played out in 2017 compared to 2019. While many think patterns can be repeated, others believe that this time, there’s just no basis upon which these patterns should repeat.

ICO’s, Ponzi schemes, etc. dominated in 2017, most of which accepted either the BTC or ETH cryptocurrencies. These created demands for Bitcoin (BTC) at the time, driving its value up.

However, now that the hypes are all gone and the community depends on adoption to foster BTC’s growth, it’s quite uncertain how things will play out.