Scarily Accurate Analyst Gives 4 Reasons Why Bitcoin Price Wont Crash at $8,500 – newsBTC

Once Bitcoin (BTC) started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions.

Per previous reports from NewsBTC, long-time Bitcoin skeptic and CEO of Euro Pacific Capital Peter Schiff said in a tweet that the price of the leading cryptocurrency could dump to $1,000 to complete a chart pattern.

And even recently, despite the price of digital assets rallying by dozens of percent since the December bottom, a number of traders have asserted that a $3,000 Bitcoin price is in the books.

But, according to a prominent crypto analyst who called BTCs decline to the $6,000s, the idea that BTC is extremely bearish right now is somewhat irrational.

Legendary analyst Dave the Wave recently laid out four reasons why he is surprised at the bearish sentiment he is seeing on Crypto Twitter:

Dave isnt the only analyst expecting for Bitcoin to start to form an uptrend once again.

Willy Woo partner at Bitcoin fund Adaptive Capital said in December that per his analysis of on-chain data, he believes the macro price bottom was established in the low-$6,000s. Woo did say, however, that there is an opportunity for a drop below that bottom, but noted that it would just be a blip in the grand scheme of things.

Also, analyst Cryptokearecently noted that the worldwide Google Trends, well, trends for the search term Buy Bitcoin have recently hit a seven-month high the highest since June 2019 at 10.

The latest Google Trends 10, Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the$14,000 high.

He added that the long-term upwards trend for this metric, which is correlated with growth in the price of Bitcoin, is undeniable, pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.

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Scarily Accurate Analyst Gives 4 Reasons Why Bitcoin Price Wont Crash at $8,500 - newsBTC