Analyst: Bitcoin Will Pass $20,000 But a 40% Drop May Happen First

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Since the peak of the 2017 bubble, Bitcoin investors have been wondering when the cryptocurrency will set a fresh high above $20,000. Some thought that it would happen in 2018, but that didn’t transpire. Neither did a new all-time high occur in 2019. According to a prominent trader, this high will take place in 2021. The caveat: Bitcoin may need to see one more strong move lower before it kicks off an actual macro bull trend. Bitcoin Could See One More Move Lower Before Bull Run Over the past two months, Bitcoin’s price action has been effectively confined to a 15% range between $8,600 and $9,900. Save for a few blips, the asset has not deviated from these levels. Yet a trader soon expects this consolidation to resolve to the downside. He shared this chart below on July 17th, showing that Bitcoin will likely see “one last set of cycle…

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