Recently, the cryptocurrency market has been leading people to speculate about the future price movements of Bitcoin (BTC). Crypto analysts are looking at current patterns, although there are occasional signs of life from its core assets.
Josh Rager and the cryptocurrency whale see no hope for Bitcoin
Crypto trader and analyst Josh Rager identified the “bouncing ball pattern” in conjunction with a rally. He stated that he does not see much hope for the biggest cryptocurrency BTC in the near future. He based his view on technical analysis of the cryptocurrency’s price action. The analyst stated that he was “never a fan of the bouncing ball model with rallies.” For this, he said, “it never ends well”.
However, Rager stated that he hopes the exchange will raise Bitcoin again due to the historical correlation of the first cryptocurrency with the traditional asset market. As he added in his comments to his tweet, “BTC moves relative to stocks.” Meanwhile, Bitcoin’s historical correlation with the stock market may not be the most reliable metric to watch when analyzing the coin’s price movements, as it could outpace it at a certain point, at least according to crypto trader, whale, and LedgArt co-founder Kaleo.
Possibility of “party” in 2024
Indeed, Kaleo had previously suggested that the current activity of decentralized finance (DeFi) assets “should give a clear chance to push SPX to record levels and higher rates in 2017.” At the same time, InTheMoneyStocks.com chief market strategist Gareth Soloway suggested that he is facing a “worst case scenario” that will see BTC drop further towards $3,500. In addition, the analyst warned that this will not be different from stocks.
Meanwhile, as we reported earlier, Rager stood out with certain predictions. Especially when it comes to the largest cryptocurrency by market cap. The analyst correctly predicted that there would be a $2,000 sell-off in Bitcoin in May of 2020. It’s worth noting that Rager is familiar with whale selloff because this selloff happens by whales. In addition, the analyst predicted that during the same period, BTC would rise to $ 10,000 and above.
However, Rager noted in mid-September that Bitcoin could see a significant rally. As we reported as Kriptokoin.com, he stated that “the real party will not start until 2024”. The significance of 2024 is that it is the year the next Bitcoin halving will take place. That being the case, Bitcoin is still struggling to break through the enviable $20,000 price barrier. Currently, its price is seen as $ 19,260. It rose 0.8 percent in the last 24 hours, according to CoinMarketCap data. However, it fell 0.8 percent on a weekly basis.
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