A popular crypto analyst who called Bitcoin’s recent drop from $12,000 to $10,000 is warning would-be traders and “buy-the-dip” enthusiasts that Bitcoin’s price will likely fall off a cliff in the short-term.
The anonymous analyst known in the industry as Crypto Whale tells his 33,000 Twitter followers there’s a strong chance Bitcoin (BTC) will lose 60% of its value.
“As Bitcoin and stocks slowly plunge through their magical support lines over the next few months, the common saying will be to ‘buy the dip.’ Zoom out. You’re not buying any ‘dip’ up here. You’re still buying at a 300% premium from March lows.
The trader says BTC is likely to retreat to below $4,000, shaking out weak hands before clearing a long-term path to all-time highs.
As I’ve mentioned before, there’s a higher chance we revisit under $4,000 before reaching ATHs. You should have extra money on the sidelines just in case. I