- BTC/USD slips below $3,400 handle.
- Litecoin’s creator makes a moderately optimistic forecast about Bitcoin.
Bitcoin is trading marginally below $3,400. The coin has hardly moved in recent several days amid market indecision and lack of momentum. However, bearish sentiments are gaining traction. As BTC/USD is trading at $3,370, down over 1.5% since the beginning of Wednesday, another bearish leg towards $3,200-$3,000 looks likely at this stage because the recovery failed to gain traction a move above $3,400 handle. From the longer-term point of view, we need to see sustainable growth above congestion area $3,600-$3,640 for the recovery to gain traction and take the price towards $4,000.
Meanwhile, Litecoin creator Charlie Lee believes that Bitcoin will return to $20,000 within three years. He made his forecast in Telegram channel answering the direct question from one of the users. The Daily Hodl published the screenshots of the conversation.
It is worth mentioning, that Lee was amongst the few people who correctly predicted the multi-year bear market back in December 2017. His made his forecast right before Bitcoin reached its all-time high at $20,000.
“Ok, sorry to spoil the party, but I need to reign in the excitement a bit… Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy!” He said at that time.
Now he is more favorable. However, his expectations are still much less optimistic than the ones made by other crypto community influencers.
Thus, Michael Novogratz, the CEO of Galaxy Digital, believes that Bitcoin will resume growth within several months.
BTC/USD, 4-hour chart
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