Bitcoin has rallied strongly since the $3,700 lows established in March. From the bottom of the crash, the cryptocurrency is now up just shy of 150%.
Although this upswing has convinced many in the industry that the bear market is over, some beg to differ. Prominent analysts and commentators say that the cryptocurrency has a chance at retesting the $3,000s.
Backing this prediction, they cite simple technical factors and the looming specter of a deeper recession in the global economy.
Bitcoin Poised to Plunge Towards $3,000s
Earlier this year, a prominent trader called for Bitcoin to fall to the $3,000s and for XRP to reach $0.11. At the time, this call was laughed off, as the cryptocurrency market was surging higher.
The trader has since been proven correct as Bitcoin, XRP, and other cryptocurrencies took a nosedive in March due to a worsening global economy.
While BTC has since recovered, the same trader still expects Bitcoin to correct even lower.
He indicated in the chart below that he still sees a scenario where the leading crypto falls to $2,000, and maybe even as low as $1,000.
The calls for an extension to the Bitcoin bear market have been echoed by Ross Ulbricht.
Ulbricht is a very early cryptocurrency adopter that is known for running the Silk Road marketplace.
He explained in a Medium post titled “Bitcoin by Ross #9: A Strong Signal for Lower Prices” that Elliot Wave analysis suggests BTC is in the second phase of a multi-year bear market.
— Ross Ulbricht (@RealRossU) April 11, 2020
Elliot Wave is a form of technical analysis that indicates markets move in predictable wave phases due to investor psychology.
Ulbricht, who is also an early trader according to some accounts, suggested that Bitcoin could return to the $2,000s or even…