Cryptocurrency trader Josh Rager alleges that the Bitcoin price could double if it follows the same pattern as during the 2016-2017 bull market.
$BTC— Josh Rager 📈 (@Josh_Rager) September 6, 2019
This current structure reminds me of 2015/2016 when Bitcoin did a 2.5x from the bottom followed by 6 months of sideways
Then out of nowhere an almost 2x in price as Bitcoin slowly trended up to new highs
One thing is for sure, I don't want to see that $9k support break pic.twitter.com/4JnYFAtLvT
Backed then, the BTC price rose from its bear market low of $220 to $550, which mirrors Bitcoin’s ascent from $3,100 to $13,700 in 2019. After that, back in July 2016, Bitcoin skyrocketed to $900 out of nowhere. Hence, it is not unreasonable to expect a 2x increase this time around given the cyclical nature of this market.
According to Rager, the main challenge for BTC is not to plunge below the $9,000 support level. However, even if Bitcoin does experience another severe correction, he predicts that buyers will be back in the game in the upper-$7,000 region.
To follow up— Josh Rager 📈 (@Josh_Rager) September 6, 2019
If $BTC price does break $9k, it's not really any reason to panic as many buyers will likely step in by high $7ks
For me, it's having to sit through weeks of down/sideways price which makes for a slow market
But patience is key
The major drawback of this bearish scenario would be sitting through weeks of sideways trading.
As reported by U.Today, John Bollinger, the creator of the Bollinger Bands indicator, expects a major price move in the short-term. Speaking of the long-term, Bitcoin’s power-law growth model shows that the coin will be worth no less than $100,000 by 2028.