There is an ongoing debate on where the price of Bitcoin may be going next after spending weeks consolidating at $9,000. While some analysts and traders expect the price to plunge to various levels lower than $9,000, a chartered financial analyst at Cane Island and the author of “Bitcoin Spreads Like a Virus”, Timothy Peterson says this is not likely as Bitcoin may be seeing its last $10,000 price in less than 50 days from now.
Timothy has through his research and his book argued that Bitcoin will continue to grow in price as adoption continues to increase. Using a metric known as ‘Bitcoin Price and Forecast Lowest Price Forward’, he says the next $10,000 that Bitcoin reaches may be the lowest price it ever records and may not return to it again “forever”.
Those waiting for the dip may be disappointed
One common phenomenon in the Bitcoin space is investors always looking for a dip to buy the asset. The price has remained just above $9,000 for weeks after it crashed from over $9,500 and has not been able to make any significant move towards $10,000 again since then. Some potential buyers have been waiting and expecting the price to dip to $8,000 or even lower as some analysts say this may happen before the next leg up.
Timothy in a tweet said this group may be disappointed and probably regret the wait as a dip below the current price is very unlikely. Responding to an analyst who said he expects Bitcoin to dip towards $6,000, he wrote:
“I am in the midst of proving this wrong right now. People that wait for the dip to buy will probably regret it.”
Is this the long-awaited breakout?
The $10,000 price is a significant level that the Bitcoin community has been waiting to traverse because it is believed to be a major determinant of the future price progress. However, for some reason, Bitcoin has not been able to break this level and stay above it for long.
If the next break above it becomes the last time Bitcoin sees that level, could it be that it will mark the beginning of a breakout towards a new all-time high?