There’s no denying it — the cryptocurrency market is suffering. The current market downtrend has some people convinced that Bitcoin has peaked and that the sane course of action is to just cut losses and sell. Despite all the “bubble about to burst” expressions, the fact is that this has happened in the past.
With regard to corrections, a few events led to Bitcoin’s downfall. Ranging from Elon Musk’s Bitcoin energy FUD, China’s mining crackdown, and more recently the death cross looming over Bitcoin’s price movements. Considering the above reasons, can Bitcoin still rise? What are the worst-case and best-case scenarios regarding the same?
Here’s this crypto analyst’s take on Bitcoin’s price movements. PlanB took to his Twitter to address the current scenario around the largest crypto token. His arguments incorporated the current bearish sentiment as well.
Worst case
At the time of writing, Bitcoin was indeed bleeding. It was trading just above the $33k mark with a pullback of about 8% in 24 hours. Can it go lower than this? According to PlanB, here’s how the price projection looks like from June till the end of this year. He stated:
“Bitcoin is below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down. There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K”
Source: PlanB| Twitter
Of course, this tweet got a lot of mixed reactions, with some questioning PlanB’s bullish analysis. Having said that, a popular bitcoin analyst known as “Parabolic Trav” tweeted: “I like a bearish PlanB tweet, Bullish?”
PlanB was quick to acknowledge the query by responding,
“Wait until you [see] my base case and best case scenarios! OK, a hint: best case Dec $450K.”
If Bitcoin can reach the level, long-term targets for BTC look optimistic in the current market, Ergo it’ll be imperative for Bitcoin holders to weather the storm and HODL.
In a series of tweets, crypto analyst, Willy Woo presented his take on market movements.
Oh my, Rick Astley is back. Coins are moving back to the HODLer who never deserts his BTC. pic.twitter.com/aZGwK1DzeE
— Willy Woo (@woonomic) June 20, 2021
