Popular analyst predicts a hold on BTC’s ascent to $100,000, 4-hour BTC/USD consolidates in flag formation
- A crypto trader, popularly known as Flood, recently said that Bitcoin is due for another round to capitulation.
- He has predicted a halt on BTC’s potential ascent to $100,000.
A well-known trader on BitMEX crypto change, known as Flood, has said that Bitcoin is due for another round of capitulation that will rid the bandwagoners' currency, placing its potential rise to $100,000 on hold. The trader told his followers on Twitter that he’s expecting a major BTC correction before it can target new all-time highs.
There will be a time to be super bullish and long every dip with no regard for financial safety, but that time is not now. Once all the people who thought $BTC would be a "Safe Haven" during high vol equity markets are flushed out we'll have a glorious run to ATHs.
— Flood [BitMEX] (@ThinkingUSD) June 21, 2020
According to the trader, Bitcoin will lose more than 26% of its value in the near term.
Rapidly approaching the bull’s last line of defense. Previously, it has just wicked past 8888-8600, if we start ranging while equities are getting torched we should just teleport to $7,100.
In the long run, however, he expects BTC to hit $100,000.
BTC/USD 4-hour chart
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BTC/USD dropped from $9,287.84 to $9,279.45 this Thursday. In the 4-hour chart, the price is currently consolidating in a flag formation. The RSI is trending horizontally around 38, next to the oversold zone. The Elliott Oscillator has dropped from 258 to -142 over the last nine days.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
