Analyst Alessio Rastani is of the opinion that Bitcoin could fall below the 8,000 thresholds in the coming period. He presented on his Youtube channel three possible scenarios – one optimistic, one pessimistic and the one with the highest probability.
Analyst Alessio Rastani explained that the momentum has been steadily increasing since April. The moment when Bitcoin started its parabolic movement that led to the exceeding of $ 13,500. Currently, the evolution has changed and the momentum is decreasing.
Recent charts show that trading volume has steadily decreased over the past two weeks, This will lead to Bitcoin at a crossroads in the coming period.
Currently, the general consensus among optimists is that Bitcoin will undergo a correction up to $ 8,500 – $ 8,000 to enter a consolidation period. Later, a new parabolic move will start at $ 20,000 to $ 30,000 as it approaches Bitcoin halving.
This optimistic scenario will lead to BTC worth $ 55,000 by the end of 2020.
The pessimistic scenario
A pessimistic version ignored by most analysts is a correction up to $ 1,800 before reversing the course and moving between $ 14,000 and $ 20,000. Rastani argues that this variant is not considered as a possibility because of the overwhelming confirmation bias.
The most likely scenario
Analyst Alessio Rastani believes that the most likely outcome is that, in the next days or weeks, Bitcoin will reach $ 7,500 to $ 8,000 after forming support near that area. Subsequently, it will grow to around $ 10,000-11,000 instead of the massive growths that many analysts forecast.
Regardless of personal opinion, a trader must consider all possibilities when making decisions. Rastani’s scenarios encourage the approach of some opposing points of view. They serve to balance the process of investor analysis and counteract biases.
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