HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Analyst Who Predicted V-Shaped Reversal Thinks Bitcoin Will Hit $12k

Bitcoin 2020/10/18 01:34 by Nick Chong

Bitcoin has faced a slight reversal since the highs of $11,750 set a number of days ago. The coin currently trades for $11,350 as of this article’s writing, 3.4% below the highs.

Analysts remain optimistic despite the price reversal. One historically accurate analyst that has called a number of pivotal movements in the Bitcoin price said that the cryptocurrency is primed to hit $12,000 as we enter the second half of October. The cryptocurrency could continue even higher to new year-to-date highs by the end of the month, the analyst said.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Primed to Hit $12,000, Historically Accurate Analyst Says

Bitcoin is primed to move toward $13,000 by the end of the month, a crypto-asset trader recently stated. He shared the chart below, which suggests that the asset is currently forming an “ABC” Elliot Wave pattern that will result in this trading range breaking upward:

“Expecting rangebound price action for a couple of days to eventually expand in to end of the month I’m bullish – this idea invalidates below 11.2K.”

The analyst that made this prediction is the same one that predicted in the middle of 2018 that the asset would bottom at $3,150.

Image

Chart of BTC's price action over the past few weeks with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter).
Source: BTCUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Fundamental Trends

Fundamental trends support the expectations for a trend of growth for Bitcoin. Tyler Winklevoss, the co-founder of Gemini, believes that Square and MicroStrategy buying Bitcoin will bring a wave of capital towards this space in the near future:

“First, it was @michael_saylorand publicly traded @MicroStrategybuying $425million of #Bitcoin. Today, it is @jackand @square buying $50million of bitcoin. Tomorrow, it will be another visionary leader, and another, and another…the tsunami is coming”

This has been echoed by a swath of other analysts.

Dan Tapiero, the co-founder of Gold Bullion International, thinks that the cryptocurrency could surge higher as institutional investors accumulate more Bitcoin than being mined. This suggests that there will be a net inflow of capital, driving prices higher.

The institutional investment case for Bitcoin has grown over recent months and years. Fidelity Investments released a report recently noting how a small allocation to BTC can minimize price downside and amplify upside.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analyst Who Predicted V-Shaped Reversal Thinks Bitcoin Will Hit $12k

0 Like(s)



You should also read...

Altcoins 31/05/20 20:00 by Cole Petersen
Why Traders Think Ethereum’s Strength Could Help Bitcoin Rocket Past $10,000
Ethereum has flashed signs of immense strength in recent times, as the cryptocurrency was able to rally to highs of $245 while Bitcoin and most other altcoins only saw tempered gains. Although this up...
Read More
Other 04/08/20 23:00 by Cole Petersen
After Setting New Highs, Analysts Now Expect Chainlink to Rally to $11.50
It’s the best-kept secret within the crypto markets that Chainlink (LINK) has been one of the best performing digital assets throughout 2019 and 2020. It has posted intense gains that have far outpa...
Read More
Bitcoin 12/08/20 12:00 by Nick Chong
It’s “Do or Die” For Bitcoin: Here’s Why Analysts Think So
After peaking at $12,000 this weekend, Bitcoin dove off a cliff, plunging to $11,300 as of this article’s writing. The cryptocurrency followed the price of gold lower, which is down around 7% in...
Read More
Bitcoin 20/08/20 01:59 by Nick Chong
Here’s What Top Analysts Think About Bitcoin After It Corrected 7%
Bitcoin has not performed well in the past 24 hours. After peaking at $12,400 on Monday, the leading cryptocurrency’s price action has rapidly reversed. As of the time of this article’s wr...
Read More
Altcoins 11/09/20 01:00 by Cole Petersen
Analyst: Ethereum’s Market Structure “Firmly Bearish” as It Remains Below Key Level
Ethereum has seen some intensely positive price action in recent hours, with bulls catalyzing an upswing that led its price to highs of $380 just a couple of hours ago. It did face some intense resist...
Read More