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Bitcoin price has undergone a strong correction, falling around 20% from its year-to-date highs over the past few weeks, what’s next?

Bitcoin price has experienced a sharp correction, down about 20% from its year high in the past few weeks. And the question now is what will happen next for Bitcoin?

Is Bitcoin price ready to correct as the US dollar found support and is bouncing?

According to analyst Dave, the wave, Bitcoin can be predicted to head towards $ 9,000, then $ 8,000 by the end of the year. According to him, the macro resistance could act as support for an expanding consolidation pattern.

He stated:

“What if the major line of resistance first identified here [the first chart above] became a rough line of support for the price to grind down slowly over the fourth quarter to meet the log growth curve? This would set up perfectly for the run-up going forward…”

bitcoin-price-has-undergone-a-strong-correction

The trader that made this prediction has been historically accurate with his calls. In the face of the continued slump, he began to note that the Bitcoin market was overheating and needed consolidation to disturb expectations. And in 2019, he predicts that the bear market will bottom out at $ 6,400 a few months before it happens at the end of the year.

Analysts argue that even if BTC sustains its correction, it is still in a good position from a long-term time frame perspective.

Arthur Hayes, CEO of BitMEX, recently commented on Bitcoin’s potential in the ongoing macroeconomic environment:

“The financial markets are going to whipsaw as politicians contort themselves to continue feeding at the trough. This, unfortunately, will have lasting effects on everyone’s lives across the globe. Out of the chaos, more people will mistrust centralized authority and look for ways to protect their physical persons and capital from the wanton destruction waged upon them by their rulers. My pocket rockets are primed and ready. 加油 Gold and Bitcoin.”

Others also echoed this view, including Mike Novogratz, Raoul Pal, Dan Tapiero, and other investors in the industry. They believe comments from Jerome Powell of the Federal Reserve about BTC’s growth potential.

You can see the BTC price here.

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