Ton Weiss allows that BTC will fall to $11,000
The price of the main crypto coin may fall to $11,000 before it starts to rise again. This opinion was expressed by the famous analyst and trader Ton Weiss, who believes that BTC can reach the bottom any day.
The analyst voiced two scenarios for the development of events. The value of bitcoin may consolidate before the end of this year, which means that the crypto coin will trade in a narrow price range. According to the second scenario, the BTC price may fall again in the near future.
The trader indicated on the chart that the first digital currency is forming a descending triangle, almost similar to the one in 2018. Then the bitcoin exchange rate almost halved — from $12,000 to $6,000.
According to the results of Weiss’s calculations, the first crypto coin can fall in price by 60%. In this case, the lower mark will be at the level of $7,000.
However, the trader considers it unlikely that the price of BTC will fall to such a level. He believes that a realistic option would be to reduce the value of BTC to a $11,000-$12,000 fork.
Meanwhile, Bloomberg Senior Analyst Mike McGlone is positive about the main cryptocurrency. He previously stated that the price of bitcoin would soon reach $100,000. Now the analyst has opined that BTC, along with gold, will become a global asset.
McGlone is confident that the main digital coin is “simply doomed” to grow amid growing adoption of cryptocurrencies, as well as limited supply.
“I think it’s only a matter of time before Bitcoin hits $100,000. This is simply a consequence of the balance of supply and demand — the demand for bitcoin continues to grow, while the supply is reduced. I am not against gold, but we see that bitcoin is becoming its competitor as a global digital asset,” said the Bloomberg analyst.
In addition, he pointed out that at the peak of popularity were stablecoins that are pegged to the US dollar. In terms of trading volume, they have proven to be the largest form of assets in the crypto industry. However, BTC is still a key asset in the digital currency market.
