On Friday, the senior market analyst and founder of Cubic Analytics, Caleb Franzen, took to Twitter to express his thoughts on the potential future course of Bitcoin. He is of the opinion that the price of the most prominent cryptocurrency is now trending downward toward the level of $13,900 and may potentially fall further to the level of $11,400.
Franzen provided a chart of Bitcoin’s price movement, in which he circled a region based on the recent BTC lows and indicated where he believes Bitcoin is headed at the moment.
The expert went on to say that he has confidence in this target due to the fact that it was the monthly close in December 2017, which was the highest point of the previous cycle. Additionally, this level served as a barrier to further gains in 2019, precisely at the $13.9k mark.
Notably, he did say: “Will it absolutely fall to this level? No. Could it? Yes.”
This forecast was first provided by Franzen in the month of June when he said that he anticipates a consolidation of risk assets in the absence of a major adjustment in either the monetary policy environment or the dynamics of stagflation.
Bitcoin’s (BTC) Current Performance
An odd absence of volatility persisted over the Christmas holiday season, and Bitcoin’s price remained stable at around $16,800 before the holiday.
Due to the fact that the holiday has already begun, there is little prospect of a “Santa rally”, and the absence of any important events in the near future further reduces the likelihood of flash volatility. BTC is worth $16,839 at press time.
However, not all analysts share the same thoughts as Franzen. In his analysis over the weekend, renowned analyst and founder of trading company Eight Michael van de Poppe reaffirmed the prospect of a move higher to approximately $17,500 should present levels be maintained.