The collective cryptocurrency community was excited after Bitcoin prices soared higher and the bulls marched towards the $10,000-mark. As bullish sentiment prevailed in the cryptoverse, analysts have taken to social media to share their speculations on the crypto’s performance.
Lark Davis, host of the popular YouTube channel The Crypto Lark, said that the $10,000 is a very important number psychologically, adding that during these big price movements, people predict big retracements in the near term. He is of the opinion that the market will keep bouncing back, despite pullbacks, “demonstrating its strength.” Davis remarked,
“Does that mean we’re gonna see an 80% drawdown it’s very unlikely unless there’s some kind of Black Swan event but a 10 or a 20 or a 30% drawdown would be no surprise at all”
He firmly believes that Bitcoin will retrace back to $20,000. The crypto-bull also urged his users to stack Satoshis and asserted that people don’t need to have one Bitcoin when they can “stack 2 million Sats,” terming them as “worthy goals” that can make investors globally in the “long term Bitcoin rich” list.
The New Zealand-based proponent is of the opinion that waiting for the “right time” to buy Bitcoin at a “better price” is a wrong way to approach crypto.
He further noted that the world is plagued with unimaginable unpayable debt, trade wars, collapsing banks, frauds and actual wars where resources are used for corporate profits. Buying Bitcoin with Dollars is an “active vote,” according to Davis, to check the existing corrupt system.
Speaking about the latest Bitwise report, the host said that while the community does not need “these paper Wall Street products,” their entry into the space is imminent. With the entry of the ETF, there will be “massive liquidity” in the crypto-markets, which in a weird way will help the community, he added.
The post Bitcoin [BTC]: 10%-30% drawdown would not be surprising, claims Crypto Lark appeared first on AMBCrypto.