Famous trader Eric Chow (@ChoeTrades) explained why bullish and bear radicals should lower their expectations ahead of the upcoming third Bitcoin (BTC) halftime show.
You think – The price is changing
Eric Chou ridiculed attempts to predict price movements of Bitcoin (BTC), which are based on positive and negative market sentiment. For example, the general hope of selling at a time of new highs after halving can be expensive for bulls:
By contrast, bearish sentiment can increase the chances of a flagship cryptocurrency to make another rally. In general, Chow avoids commenting on this topic. However, one of his latest predictions may scare the bulls as he recommends that his followers prepare for Bitcoin (BTC) to reach three-digit amounts:
$ 900 – be prepared.
According to detailed estimates shared by Chow, Bitcoin (BTC) could enter the under $ 3,000 zone by the end of May if the bearish scenario is fulfilled.
The third Bitcoin halving (BTC), due on May 13, 2020, is being treated by the community as the basis for a long-term bullish market. According to the stock-to-flow model by trader and analyst PlanB, the price of the largest cryptocurrency may jump by the end of 2020.
Moderate bullish forecasts (by Michael van de Pope, Charles Edwards) assume that the new highs Bitcoin (BTC) all-time (ATH) values will follow in 2022 or 2023.
By contrast, Bitcoin critics, such as renowned gold-backer Peter Schiff, are confident that bitcoin’s halving will be nothing special and will have no direct effect on the price of the asset.