Bitcoin has been in a consolidation phase in recent weeks. Despite the long-term outlook for bitcoin remaining overwhelmingly bullish, it seems that the short-term progress is being hampered by the stubborn resistance at the $12-13K region.
Fortunately, the latest attempt to obliterate this level was not met with a resounding rejection. At the moment, Bitcoin is hovering around $12,270. Yet, a popular analyst says there’s only a 30% probability of bitcoin ripping to $17,000 by the end of 2020.
Only 30% Chance BTC Hits $17,000
In a tweet on August 15, Timothy Peterson, the CFA/CAIA manager at Cane Island Alternative Advisors, posited that the chance of bitcoin hitting $17,000 during the remaining part of the year currently stands at 30%.
Peterson was referencing an article published by Bitcoinist that suggested BTC climbing past $12,000 would give the bulls enough momentum to catapult the asset to the $15K-$17K price range.
While Peterson is attaching just a 30% probability that BTC will come close to its December 2017 all-time high, other prominent analysts including the likes of MagicPoopCannon are more bullish. Back in May, he predicted that a breakout above $10,600 would open the doors to $14,000 and $17,200 next.
The analyst had stated at the time:
“So, if BTC can print a solid breakout here, and get above 10600, I think there is a very good chance that it will take out the 14000 level, and rally all the way up to the projected target of 17200.”
Where Is Bitcoin Headed In The Near-Term?
As aforementioned, bitcoin recently rejected $12,000 once again. Despite the multiple rejections, traders anticipate a continuation of the rally. A crypto trader going by the name SalsaTekila, for instance, believes the number one cryptocurrency will first climb to $13,000 before topping out.
“I think $BTC will go for the 13K$ area, which is yearly pivot resistance. That’s where I’ll look to hedge my remaining stack fully and wait to see if it holds or keeps going. IMO we’re close to topping, not here yet. Too much pressure at rally’s high not to give another push.”
