Bitcoin’s recent surge completes a double top, according to WhaleWire CEO.
He also believes that Bitcoin is heading for a massive crash soon.
In contrast, Bitwise CIO says BTC will hit $200,000 this year.
The majority of the crypto market is highly bullish for Bitcoin (BTC) and the greater crypto market. Amidst the positive sentiments, one voice believes BTC is heading for a massive crash. In detail, the CEO of WhaleWire marks Bitcoin’s recent surge as completing a double top, which leads him to believe that Bitcoin is dangerously overvalued and is heading towards a massive crash.
BTC Heading for a Massive Crash?
Most sentiments for Bitcoin (BTC) presently are highly bullish, with reputed analysts looking towards new ATH targets for BTC. However, one voice believes Bitcoin is heading for a massive crash. In particular, the CEO of WhaleWire says the Bitcoin’s recent surge is completing its double top, a pattern that has appeared at 100% of all of its major market cycle peaks. The CEO sees this move as a clear signal that the bear market is beginning.
https://twitter.com/jacobkinge/status/1922807976479404495
As we can see from the post above, the CEO of WhaleWire, Jacob King, goes on to elaborate, saying that while retails convince themselves that the price of Bitcoin (BTC) hovering above $100,000 is due to some mythical institutional demand or covert government buying, anyone thinking critically can see the truth, that BTC is being artificially propped up by Tether and its insiders, giving whales the exit liquidity they need.
He then goes on to highlight other challenges in the market that will lead to this inevitable price crash. Firstly, he draws light to the incoming stable coin regulations, he says this will lead to the entire house of cards to burst, and that insiders are already moving to gold and real assets. He concludes by reiterating that Bitcoin is dangerously overvalued and headed for a massive crash, saying that every green candle is just a better opportunity to sell.
Bitcoin to Eclipse $200,000 by 2025
https://twitter.com/AltcoinDailyio/status/1922854741177983333
While King’s Bitcoin prediction is bleak, other reputed names in the space have to say otherwise. For instance, as we can see from the post above, Bitwise CIO, Matt Hougan, believes Bitcoin will reclaim the $200,000 price by the end of 2025. He expects that all the good news for crypto are growing and prices will soon reflect that ones economic uncertainly dissipates.
He then highlights two major indicators that will propel BTC to new ATHs soon. The first is ETFs continue to buy Bitcoin, and the second is that the government and institutional buyers like Strategy continue to buy more Bitcoin. As for the number, both sources have been buying millions and show no signs of slowing down. Thus, Hougan continues to be very bullish on Bitcoin and expects to see greater ATHs soon.
