Crypto trader Cheds is still expecting his $12k Bitcoin price prediction to play out, with a possible wick to tag $10k, then $100k long term.
He made the prediction April 14th, 2022 when Bitcoin was still trading in a daily range of $39,500 – $41,500. Bitcoin is currently consolidating at around $20,000.
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BigCheds revisited his Bitcoin price prediction this week stating that once the $12k area is hit then $10k may also be tagged and Bitcoin accumulate within a 10k sideways trading range for six months, in an L bottom rather the quick V-shaped recovery of a V bottom.
Some possible scenarios for a likely $BTC bottom
1) Tag 10-12k slowly, L bottom for 6 months
2) Michael Saylor sells some $BTC
3) Other famous permabull capitulates, like El Salvador
4) 10k daily range candle (total range)
5) Major exchange does down with price cascade
— Cheds (@BigCheds) July 2, 2022
This is similar to what other noted crypto Twitter accounts like TraderSZ, Trader_XO, and Algod have predicted – that Bitcoin has another leg down followed by a phase of reaccumulation before a new uptrend and bull run.
BigCheds’ thesis is that a larger capitulation candle is required from a permabull like Michael Saylor, or the El Salvador president before a Bitcoin bottom can be in and new highs be in play. Similar to the $20k ATH being broken only after the panic selling of the March 2020 covid crash.
That capitulation is unlikely to come from Celsius being liquidated as their liquidation price is now under $3k.
While there were some rumors this week of KuCoin exchange being insolvent, withdrawals have not been halted and their CEO denied the FUD.
Cheds became a published author with the release of his book ‘Trading Wisdom: 50 lessons every trader should know’ alongside posting free technical analysis and educational content to Youtube. He also runs a website and beginner’s trading community Bitcoin Live alongside Peter Brandt.
The crypto influencer is still bullish in the long term – with a $100,000 Bitcoin price prediction – but having been trading for some years (active on Twitter as far back as 2010) recognizes that market cycles take time.
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