Trader Escobar a crypto analyst warns that the BTC is ready for a big drop and may touch the mark of $7k.
The famous crypto analyst says that the momentum of the coin is observed through which the price of the token surged to the mark of $14,000 in the month of June. And it is expected that the value of BTC may go down to the figure of $7,000 in the last week of October.
He also pointed out that after this downward direction BTC will bump up and may go all-time high at the end of 2019.
Can’t wait to buy Bitcoin at $7k at end of Alt pumponomics. Closing short term long play here. Completely out market aside from Long term Short @ 12.2k. I scanned all Binance Alt charts only two bullish market structures I see is WABI and ENJ, Wabi is on 4th corrective wave and Enj could get hurt from potential BTC drop.
#Bitcoin H12 TF-
This is my overall thoughts on how I think the market will play out for the remainder of the year, I have simplified the Macro strategy into 4 stages in the market.
— ESCO₿AR 📈 (@TraderEscobar) August 24, 2019
Alex Kruger statement
Alex Kruger, a crypto analyst, and economist, also discusses the price of Bitcoin and says that the token is flowing between $9k and $12,300.
His statement consists of the following words:
Targeting a $10,800 breakout, taking price to at least 11,300 is a good trade short-term to me, with invalidation around $9,800. Stops should be tightened to the $10,300-$10,000 range after $10,300 stops taken out and level rejected, or once above $10,600, and to BE after $10,800. Two weeks later, price is at the same level after tossing bulls and bears around even further within the range. However, chart is now more bullish given last week’s new bears, now trapped. Key level above is 10,800. Expect next test to break.
Kruger also mentions that the price flowing at the mark of $9k has not improved its status as a macro asset but with all-time high milestone, it can achieve its status as a safe-haven asset in the crypto world.
As he says:
It should become one as the market matures, as it’s increasingly seen as digital gold and is a hedge against the TAIL-RISK of fiat systems collapsing, i.e. a put option on central banks without expiry.