The price of Bitcoin on the 24th of October experienced one of the fastest declines in history. The king coin saw a 10% drop in a few hours and fell below $7,700 for the first time in about five months. After the event, analysts shared many Bitcoin estimates.
Dave the Wave- a famous analyst, is among the notable figures with his Bitcoin prediction published after this striking drop. The analyst claimed that it would approach the $6,000 zone, which he claims will be healthy for the BTC.
According to one of the latest tweets, Bitcoin’s price will continue this downward momentum.
Referring to a geometric and fractal analysis of the recent market cycle, Dave said Bitcoin will see the bottom in November and the bear run will end. According to Dave, the rise will begin again in just three weeks.
Bottom mid November on the basis of this geometry. pic.twitter.com/dglPZikBPZ
— dave the wave (@davthewave) October 24, 2019
Dave’s ideal target is $6,700 on how much the cryptocurrency will fall. According to the analyst, this is where the technical levels meet.
Another famous personality’s statements on the decline
Mike Novogratz- a partner at Goldman Sachs and one of the famous names in the crypto industry, shared his views on Bitcoin’s recent performance.
Bitcoin had advanced to $8,000 over the past few weeks, but within a short period, it lost $ 500 to $7,500.
According to Novogratz, Bitcoin needs quite a momentum to get back to $8,000. However, he does not believe that Bitcoin will soon reach this level again:
“There have been too many negative things lately. Bitcoin needs a new energy to get back to $ 8,000.”