After ‘very healthy’ correction, why most industry experts are still bullish on Bitcoin
Soon after bitcoin shed over $2,500, when it dropped to $25,772 from the $28,000 range, on 27 December, a crypto analyst concluded that this phenomenon was a “very healthy correction.” Trader and analyst Michaël van de Poppe said
Could be the “temporary top for now.” What’s next? Consolidation, sideways action, less volatility. Giving space to the rest of the markets to pace up. BTC pairs doing well.
Indeed, the prediction was accurate as at press time Bitcoin is worth about $27,154.20 with a 24-hour trading volume of $44,513,548,770. BTC prices have been down by 0.3% in the last 24 hours and by 0.1% in the last hour.
Bitcoin maximalists and members of the crypto community expected the digital asset to continue rallying to new ATHs. In fact, CEO of crypto exchange Gemini, Tyler Winklevoss said bitcoin could be $30,000 by the end of the year.
27k #Bitcoin on the 27th. If we go a grand a day, we’ll breach 30k by the new year
— Tyler Winklevoss (@tyler) December 27, 2020
Other crypto influencers predicted that bitcoin would even cross the $30,000 range.
Bitcoin will soon print $10,000 daily candles
We might go from $30,000 to $40,000 in a day!!!!
— Ivan on Tech (@IvanOnTech) December 28, 2020
CEO of CryptoQuant, Ki Young Ju found that bitcoin whales seemed exhausted to sell and that fewer whales were depositing to exchanges. He believed that the current bull-run would continue as institutional investors continue to buy and “exchange whale ratio keeps below 85%.”
The CEO further shared historical data for exchange whale ratio from 2017 to 2020 seen in the image below:
Earlier on 26 December, Van De Poppe made another accurate prediction that the “retail hype” was not even close to the 2017 ATHs at $19,700.
#Bitcoin above $26,000 while the retail hype is not even close to the previous all-time high at $19,700 in 2017.
— Michaël van de Poppe (@CryptoMichNL) December 26, 2020
Additionally, Chief Strategy Officer of Blockstream, Samson Mow claimed that buying Bitcoin at prices under the $30,000 range was a bargain:
Buying #Bitcoin at any level under $30k is an incredible deal. It's like buying sub $1k just after the 2016 halving.
— Samson Mow (@Excellion) December 27, 2020