BTC Price Forecasts: Will the Correction Lower Bitcoin to $1200?

The owner of the now-closed anonymous trading platform Silk Road believes that before the new possible growth, Bitcoin will make a record fall to the bottom. Now the cryptocurrency market is experiencing the end of the first wave of its bearish trend, said Ross ULBRICHT, the owner of the closed by FBI anonymous trading platform called the Silk Road.

Sent to life imprisonment, Ulbricht believes that since 2012, Bitcoin has been experiencing an exceptionally bullish trend, even despite the fact that the price of Bitcoin for that trend managed to collapse three times.

History may repeat itself

However, there is no rigid framework for how long BTC correction can last. To determine the alleged bottom of Bitcoin, Ulbricht looks at how the first cryptocurrency experienced the previous local collapses. Two previous bear markets reduced the price of the largest crypto by capitalization by 86% and 94%. If the story repeats itself, then Bitcoin has every chance of collapsing to $2800 or even to $1200.

The end is near?

Based on the values ​​of 2017, Ulbricht still tried to assess the possible boundaries of the second bearish wave. The latest price fluctuations after 2017 brought down the price of bitcoin to $3200 and then returned to $14,000. Another prolonged fall may lead to new lows below $3200, which will be considered the completion of the second wave.

The creator of Silk Road believes that a collapse below $3200 will be the last opportunity to buy Bitcoin before new cyclical growth. Ulbricht also claims that the completion of the second bearish wave will be accompanied by extreme pessimism towards Bitcoin along with the extreme optimism that cryptocurrency experienced in 2017. He summed up that in such an environment, courage is needed, but the subsequent price increase to new highs is worth it.

Crypto exchange BitMEX CEO Arthur HAYES follows roughly the same price values. Hayes said that Bitcoin is highly likely to be able to test the level of $3,000 once again before the cryptocurrency tries to soar to $20,000 by the end of the year

Not everyone agrees

Billionaire and head of Galaxy Digital Mike NOVOGRATZ in an interview with CNBC said he would give up if Bitcoin does not rise before the end of the year. According to him, the rate of the first cryptocurrency should begin to grow now; otherwise, it is not known whether this will ever happen in the future.

Renowned trader Peter BRANDT expressed confidence in the short-term rise in the price of Bitcoin. In his Twitter account, he wrote that the course of the leading digital asset would soon rise to the level of $8400. An “ascending triangle” pattern is formed on the coin’s chart, which speaks in favor of an increase in its price, the expert explained.

It is very difficult to predict how the situation will go for Bitcoin since such situations never occurred before. At first glance, the trends show that the prominent cryptocurrency is gradually returning to its previous digits. Still, on the other hand, the coronavirus, which is disrupting the usual way of life in the world, could be a catalyzer for the future decrease in the value of Bitcoin.

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