Crypto market and Bitcoin, following their impressive gains over the last week, are pulling back as expected. The analysts are still noticing the next peak but some of them have adjusted their predictions accordingly.
Anything that surges upto 20% in less than a week has to take a breather. This is what BTC is doing currently as it corrects to support at $8,600.
Bitcoin topped out at just below $9,200 a day before marking its ten-week high. Though the analysts are still bullish, yet some have revised their predictions for the next peak.
BTC’s Next Peak May Not Be Six Figures
Josh Rager, a popular analyst and trader, has observed that Bitcoin’s bottom to top returns are reducing with each market cycle suggesting that the next high won’t be in six figures as others have predicted so far.
“Lots of analysis out there point from $100k to $300k to $1M. Simple rate of return will show you bottom to peak return reduces by around 20% each cycle.”
$BTC Unpopular Opinion:
The next Bitcoin peak high will not be as high as most people think
Lots of analysis out there point from $100k to $300k to $1M
Simple rate of return will show you bottom to peak return reduces by around 20% each cycle
IMO, next high hits $75k to $85k pic.twitter.com/EoWZqcWfbe
— Rager 📈 (@Rager) January 17, 2020
Having said that, the analyst, who has a following of about 63k, still predicts a high of as much as $80,000. This is something that would be some feat as BTC would have to surge by over 800% from the current levels to reach that point.
Don’t Turn Greedy! Just Take Profits!
Rager also added a word of caution for those waiting for Bitcoin to turn into six or seven figures saying ‘don’t let greed get the best of you this time.’
“When you see Bitcoin all over media and everyone outside CT talking about crypto, it’s likely the top in, whether that’s $50k, $75k, or $100k.”
He continued to say that this would be recommended to begin to take profit at $30k, and then $50k, once that it may go parabolic for a short while. His last advisable piece was –
“I’ll always hold at least 1 bitcoin, if it goes to 1 million, cool, I’ll have one,”