Home Crypto Here’s How High Bitcoin Could Skyrocket After Severe Correction, According to Altcoin...

Here’s How High Bitcoin Could Skyrocket After Severe Correction, According to Altcoin Daily

Altcoin Daily host Aaron Arnold is predicting {that a} huge bullish resurgence could possibly be within the playing cards for Bitcoin after the corrective occasion that noticed the main crypto asset plunge over 50% from its all-time excessive.

In a brand new video, Arnold tells his 796,000 YouTube subscribers that the technical sample that BTC shaped whereas it traded between $50,000 and $60,000 from February to May 2021 doesn’t point out that the highest is in for the flagship crypto asset.

“This usually isn’t how markets high, particularly in crypto. Markets often high with a blowoff high. Something like this (January 2018). Something like this (2013). Just trying on the form of the worth chart, this isn’t usually how we enter a bear market.” 

During the 2017 bull market, Arnold highlights that Bitcoin went by means of a number of corrective occasions that sliced the worth of BTC by 29% to 38%.

“Keep in thoughts Bitcoin holders, this actually occurs each cycle. I’m speaking in regards to the last shakeout earlier than the subsequent leg up. Actually, having a look at simply the final cycle, it has occurred a number of instances, no less than one, two, three, 4, 5, six, the place there’s a last shakeout and after that, the subsequent leg up out there. Bitcoin rising larger after the ultimate shakeout.” 

As for the likelihood that BTC could possibly be getting into a bear market after it misplaced over 50% of its worth from its all-time excessive of $64,000, Arnold notes that in the course of the 2013 bull market, Bitcoin collapsed by 83% in the course of the cycle.

“I don’t assume we’re going to right 83% this time… I personally don’t assume so. I believe what we’re seeing is a mix. History is rhyming. It’s not precisely like 2017. It’s not precisely like 2013. Somewhere within the center and historical past is rhyming similar to that.

Personally, I’m a purchaser right here… If you have a look at on-chain metrics, they overwhelmingly present that’s it the brand new Bitcoin holders who’re promoting to the individuals who have been round for years… Weak palms, new palms, new coiners are promoting to outdated palms, to long-term palms, to the robust.”

The crypto analyst additionally highlights that primarily based on historic value motion and technical indicators, a 10x explosion is inside the realms of chance for BTC.

“Keep in thoughts, the final time we closed this low, beneath the 21-week EMA (exponential transferring common), Bitcoin rose 1,100%.”

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Featured Image: Shutterstock/Sergii Molchenko

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