Popular analyst @davthewave has predicted that the price of Bitcoin would topple down to a staggering low of $16,000 in value.
Bitcoin started off the week very unfortunate as the top digital asset saw a significant 10% drop in value since the market opening. The crypto king witnessed a drop of $5,000 in value, toppling from $47,250 to about $42,490. This might seem to be just a regular price drop that happens often, but this one popular analyst, going by the name of “dave the wave,” has predicted that more drops in value are on the way for Bitcoin.
He previously predicted back in January of this year that Bitcoin would rise to an impressive $70,000 in value. Surprisingly, Bitcoin managed to reach the $64,000 mark, being close to the prediction from the analyst, then dropping more than half its value due to the major correction that happened a few months ago. Since then, Bitcoin and other cryptocurrencies have managed to recover their value, but it seems that the situation is still very skeptical for Bitcoin. The analyst states that Bitcoin is about to experience a new series of corrections that will drop its value to record lows yet again.
He gave justifications to his statements by sharing a lengthy blog post, highlighting that the activity of the price of Bitcoin contains cycles that disintegrate into a set of small corrections that decrease in volatility and result in price realizations. As Bitcoin failed to rise above the $49,000 zone, he said that Bitcoin would experience a massive drop in value in the coming days.
Bitcoin’s Adoption Rate Is Decreasing
Statistics from sources have also shown the number of fresh addresses that daily join Bitcoin has also decreased in the past two weeks. Statistics show that the number of new addresses joining the network recorded on the 16th of September was lower than that recorded on the 2nd of September. Despite experiencing new developments, especially mentioning the activity in El Salvador, the decrease in popularity of the Bitcoin network does show that the adoption rate is decreasing. If the statistics stay like this, it is hard to say that Bitcoin will stay at the same value.