Jeff DeGraaf Believes BTC will Not Climb to $20K
Leading technical researcher at Renaissance Macro Research (RMR), Jeff DeGraaf, has stated that Bitcoin may not reach its previous all-time high should it continue plummeting under the current support level. He basis his opinions on the significant bear-dominated condition of the market within the last week which resulted in a 14 percent loss in value. Following the bull trend last month, many believed the leading coin would climb back to its record high although volatility does continue to overshadow the cryptocurrency.
DeGraaf firmly believes that BTC may never see its previous ATH if the coin manages to break past its support zone. He makes this prediction based on technical research and as a result of the persistent bear trend that has dragged BTC’s value down by 14 percent.
Ever since July, predictions, and speculations regarding Bitcoin making a comeback over $20K in price has been widespread following an unexpected bull trend that upped the price of Bitcoin by $2000, pulling it from its previous $6K pricing to $8K in just one week. Following the climb, the first and leading crypto resumed the usual bear trend that has been prevalent since the beginning of this year.
This week’s bear trend has fueled the predictions made by DeGraaf. As per the publication, it ranks him as the leading technical analyst in the last decade, backing his claims with his reputation. While stating his opinion on the matter, DeGraaf said that parabolic moves are incredibly harmful to short sellers and a top usually develops to display a declined volatility.
Later on, he mentions that after a support violation sees the conclusion of a top, a security may be deemed as essentially done, specifically mentioning Bitcoin as a prime example. In light of this, he heavily suggests avoiding any bets on another rise of Bitcoin should it manage to drop under the current support. As of now, many supporters believe that BTC will, in fact, climb to or past it's all-time high once again even with the current condition of the market.
Optimism continues climbing despite the current conditions as a possible approval of the BTC exchange-traded fund by the US Securities and Exchange Commission, as their delay of the decision has affected the market and contributed to the bear trend.