Bitcoin’s Macro Outlook is Insanely Bullish, But BTC May First Visit Sub-$5,000
Bitcoin has been facing intense volatility over the past month, which first began when it incurred an explosive rally that sent it from $7,300 to highs of $10,600. In the time since this occurred, BTC’s bears have been firmly in control, erasing nearly all of the gains that were produced in this rally.
In the short-term, analysts are noting that it seems nearly inevitable that BTC will dip below $5,000, but the long-term outlook still looks incredibly bullish, with one industry insider saying it is all but guaranteed that Bitcoin will eventually see $100,000.
Bitcoin Finds Support at $6,700, But Sub-$5,000 Movement May be Inbound
Currently, Bitcoin is trading up just under 2% at its current price of $7,300, which marks a notable climb from its daily lows of $6,700 that were set during the recent sell-off.
BTC’s strong bounce from these lows signals that there is a significant amount of buying pressure here, which may bolster its near-term price action.
Despite this, analysts still believe that a sub-$5,000 movement is imminent, which would cause Bitcoin to drop towards its 2018 and 2019 lows that sit within the lower-$3,000 region.
Harry, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, telling his followers that he is current watching for a break below BTC’s near-term support, which he believes will lead it to plummet below $5,000.
“$BTC – an update on the longer term view for BTC, price action suggests that the dip below $5k is inevitable now, so many good short selling spots along the way,” he explained
$BTC – an update on the longer term view for BTC, price action suggests that the dip below $5k is inevitable now, so many good short selling spots along the way x https://t.co/yBEMdy9pwp
— Harry (@HaraldoXRP) November 23, 2019
Cardano Founder: BTC Will Trade Above $100k Eventually
Although the near-term outlook for Bitcoin may seem gloomy, the macro outlook still looks insanely bullish.
Charles Hoskinson, the founder of Cardano (ADA) explained in a recent tweet that the global movement that is backing Bitcoin’s ascension will be what propels its price past $10,000 and eventually what allows it to surge to $100,000.
“Bitcoin’s price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that’s going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future,” he bullishly explained in a tweet.
Bitcoin's price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that's going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future pic.twitter.com/9vlgH4S7u2
— Charles Hoskinson (@IOHK_Charles) November 22, 2019
The coming few months may elucidate whether or not Bitcoin will truly retrace back down towards its yearly lows, but the long-term outlook still favors bulls.
Featured image from Shutterstock.
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Cole Petersen, Khareem Sudlow
