Bitcoin to "fluctuate between $4k and $6k for half a year," says BTC baron

08 Apr, 2019 | Updated: 08 Apr, 2019
by Will Heasman
Opinion
Bitcoin to fluctuate between $4k and $6k for half a year, says BTC baron

According to Bitcoin billionaire, Zhao Dong, the self-professed “biggest bitcoin OTC trader in China,” Bitcoin is likely to fluctuate between $4,000 and $6,000 for around half a year before taking flight toward $10,000…

In Dong's perspective, expressed on Weibo - China’s answer to Twitter - this latest Bitcoin pump is not indicative of an end to the bear market, in fact we’re likely to see a continued (and fairly uneventful) battle between bulls and bears for the next few months…

According to 8BTC, Dong suggests that a fight will ensue between $4,000 and $6,000, with 4k providing a new bottom for BTC and will ping pong price back and forth before bears capitulate and BTC finds a new bottom around $5k in October. 

The BTC baron continues to relay that the supposed mega catalyst of the bitcoin halving will invigorate the bulls sending prices in the region of $10,000 before a retrace back to 6k, and a subsequent bull run to $50 – 100k.

In his own words:

“Bitcoin price could rise moderately to $10,000 before the halving event next year. After that, it will plunge to somewhere between $6,000 and $7,000,” said Zhao, who added that hopefully, a new bull market will arrive since then, which will propel BTC to hit a new peak, somewhere between $ 50,000 and $100,000 or even higher in 2021,” said Dong.

Interestingly this is fairly converse to the current sentiment, especially on crypto twitter, upon which a consensus has generally formed that a breach of 6k will mark the formal end of the bear market and catapult BTC to new heights before the end of 2019.

Read more: Traders & analysts: "Bitcoin will keep going up"; BTC to $6K soon?Analyst on Bitcoin: "This leg could easily take us up to $7,000"

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Read more about: Bitcoin (BTC) China

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