Don’t Get Over-Excited: Jimmy Song Says Altcoin Could Drop By 92%
The relentless potential of Bitcoin’s trend remains strong, keeping the cryptocurrency well above $9,500 and $9,600 for days, and now the leading cryptocurrency has escaped the $10,000 resistance zone which many see as a yardstick for a bull run.
Now that Bitcoin is above the long waited $10,000 resistance line, the next target for BTC is $11k, then, there will be more hope for a bull run.
However, as the fractal displays more strength, popular Bitcoin developer Jimmy Song, in his sentiment hopes and thinks it would be nice if Bitcoin could reach around $164,000.
BTC has managed to exceed the 76.4% Fib retracement level of the previous drop from $10,579 high to $6,423 low, signifying that vertical rally to $11K has begun.
The steady uprising displayed by Bitcoin, if continued, would see BTC push above $10,650 or $11,050 this week, hence more bullish rally should be expected after breaking the $11K barrier.
Bitcoin educator, programmer and entrepreneur Jimmy Song wishes well for the leading cryptocurrency as the crypto market stays in a saner clime after emerging into a new year.
Earlier, Bitcoin’s uptrend was linked to the war between the US and Iran, but while the confrontation seems to have died down, Bitcoin remains steadfast on the rising wedge.
Jimmy in his assertion said he hopes that Bitcoin value would ever reach and exceed $164,000, a value similar to his number of followers on Twitter.
He said previously, Bitcoin price used to follow his follower count, however, his Twitter subscribers are now far ahead of the leading digital currency value.
“There was a time when Bitcoin price followed my follower count. Will that be true ever again?” Jimmy said.
Bitcoin maximalist Jimmy Song cautioned traders and investors not to get over-excited about altcoin’s rally in the market. Despite the fact that the present market rally was initiated by Bitcoin, the developer said altcoins may witness massive decline far greater than succeeding growth.
Jimmy reminded traders of the 90%+ value drop that happened to most altcoins in the last crypto winter, saying the situation may be worse this time.