Bitcoin’s recent price action and fundamental analysis have caused some traders to rethink their long-term positions. Noted trader Dave the Wave (@davthewave) told his followers on Twitter that he is ultimately “long-term bullish, medium-term bearish,” meaning that Bitcoin likely won’t be reaching $100,000 anytime soon.

This doesn’t mean PRICE can’t go higher before 2022. But it would do so in a relatively controlled fashion. Anything over 100K in the next few years….. off the table imo~

— dave the wave (@davthewave) September 2, 2019

His reasoning largely comes down to two indicators. Firstly, Bitcoin has been experiencing lengthier cycles according to Dave. This means that larger-scale movements will take longer to play out, and cryptocurrency markets are starting to operate on longer time frames. Secondly, volatility for Bitcoin has been relatively low this year. Both of these indicators seem to insinuate that upward movement for the leading cryptocurrency will be more sluggish than people anticipate.

Dave personally often looks at MACD as his main indicator, often writing about it to justify his short-term pessimistic calls. Last week, he wrote how the chart for Bitcoin seemed to mirror 2018 right before the capitulation down to $3,000.

Despite his short-term bearishness, Dave is quite optimistic about Bitcoin’s future. He also doesn’t account for any ‘surprise’ unknowns in the market which could easily push Bitcoin’s price either way, like the success of Bakkt or other major news events. Additionally, the halving event of 2020 is sure to add more bullish fuel, but this will likely only really kick in after May 2020.

In all, $100,000 per Bitcoin seems like a very likely possibility in five years time. However, in the medium-term, you might want to accumulate slowly in anticipation for a 2022 move. Of course, this is all based on Bitcoin’s current and previous cycles — and we all know how it loves to invalidate its own market trends.

Do you believe Bitcoin will exceed $100,000 in the coming years? Let us know your thoughts below in the comments. 

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Editor’s Note (2019-09-04): This article has been adjusted per the following response.

Good to see the odd article cover me, but I wish a bit more homework were done. The title could be phrased ‘100K won’t happen UNTIL a few years’. Also “‘Dave the Wave’ is adjusting his calls for the medium-term future for Bitcoin” is false. No change of this call since last year https://t.co/k6yHFuDxmp

— dave the wave (@davthewave) September 4, 2019

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