Tuur Demeester, founder, and CEO of Adamant Capital, took to Twitter where he suggested that the world's number one cryptocurrency is moving from a phase of expansion out of a bear market to reaccumulation just above bear market levels.
The founding partner of Adamant Capital, recently suggested in a tweet that BTC is moving from a phase of expansion out of a bear market to reaccumulation just above bear market levels.
Demeester shows in a chart that the most popular cryptocurrency could stay between $6,000 and $10,000 for the coming year, further suggesting that BTC would then enter the long-awaited bull market once the halvening has started.
As Bitcoin's price rally has gone rapidly into a negative trend over the past 24 hours, many are calling the return of the bear market.
CNBC host Ran Neuner predicted this dip just a few days ago, but still believes we are still very much in a bullish cycle.
This dip is not unexpected. As per my post the market was overbought and I sold some positions there. We are still very much in a bullish cycle so I am using these dips to buy. Starting SLOWLY at under $7000. https://t.co/UMFjtmlTfL— Ran NeuNer (@cryptomanran) May 17, 2019
Bitcoin is currently trading at around $7,129, and is showing a loss of -9.38% on the day, which is of course well within the predicted price range by Demeester. The total marketcap seems to be stabilizing around the $224 billion price mark, at the time of writing.
Do you agree that BTC will continue to trade between $6,000 and $10,000 the coming year? Let us know in the poll below.
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