- Bitcoin may test another major bottom soon – Tuur Demeester
- Bitcoin might hit $5k before it will scale higher
Bitcoin News Today – Between April and June this year, Bitcoin (BTC) registered gains of more than 200 percent. The digital currency hit a year-to-date high of $13,800 during the bullish market phase. However, the digital currency has plunged heavily since then. Several factors were identified to have contributed to the upsurge. Many digital currency analysts said that the massive upsurge took place after a period of Bitcoin (BTC) accumulation.
Another Bottom May Soon Surface for Bitcoin
The Founding partner at Adamant Capital – Tuur Demeester – recently pointed out the theory of accumulation by Richard Wyckoff. He said that another bottom might soon surface for the world’s largest digital currency by market cap. He brought this up in a recent segment of WhatBitcoinDid with Peter McCormack.
Bitcoin (BTC) Price Today – BTC / USD
Talking about the trend, he said that during the bull trend, long-term holders were sitting back on their BTCs as a new set of investors was pilling on considerably, adding that major buying pressure was high. Nevertheless, Demeester said, the Bitcoin market go ahead of itself in terms of price hike. He believed that the next era of re-accumulation might soon surface. In a statement, Demeester said:
“After a rally, the market needs a breather. They need to catch its breath because that is how you go higher.”
Bitcoin May Hit $5k before Price Will Scale Higher
Demeester said that the price of Bitcoin (BTC) would scale higher once the weak hands are shaken off. Nevertheless, the chance of a new bottom was still in the loop. The final phases of the re-accumulation would be over after the digital currency hits its true bottom. According to Demeester, Bitcoin (BTC) might plunge to the $5k level, a level the digital currency has not tested for more than six months now.
He also added that the $5k level would not be a bad situation, as the digital currency would still register a positive gain over the course of this year. Demeester also added that the present millennials would be influential in terms of dictating the price of Bitcoin (BTC) for the next twenty years. He also threw more light on the possibility that about 30 percent of the billionaires in the world may end up being Bitcoiners in the future. This means that about 30 percent of them would channel some of their funds to Bitcoin (BTC), making it an alternative store of value to gold.