Since hitting a high of $10k a few weeks ago, bitcoin has struggled to hold above $9,000, much less press on toward loftier heights. That struggle continued on Friday. The crypto-asset is on the third consecutive day of losses following the sudden plunge on Wednesday.
Yet, self-proclaimed whale whisperer going by the name AngeloBTC predicts that the flagship cryptocurrency could moon in the next four months as it rallies all the way up to $16,000.
BTC Will Hit $16,000 In Four Months
AngeloBTC, who is a top trader at BitMEX crypto exchange, has a bullish prediction for the price of bitcoin. In a tweet on May 21, AngeloBTC boldly predicts that based on a chart pattern, the bitcoin price could reach $16,000 by October 2020.
To illustrate his point, the trader captioned a chart that shows that bitcoin is currently in a triangle that will lead to a break towards $16k within the next four months. The trader did not, however, reveal the catalysts that will trigger this monstrous rally. He just posited that “the charts never lie”.
In an accompanying tweet, he casually stated, ”imagine shorting the best performing asset of the decade”. Worth mentioning that on May 12, the bitcoin trader noted that with the third halving now complete, he expects bitcoin to hit $30k by 2021.
Will It Actually Happen?
This is not the first time someone has put a fat price target on the pioneer crypto. Just recently, Adamant Capital’s Tuur Demeester opined that a $50,000 Bitcoin price target is “not insane at all.” AngeloBTC’s forecast is conservative in comparison.
Bitcoin has been gaining some recognition as a safe haven asset as the global economy teeters on the edge of a recession, with Wall Street billionaires like Paul Jones Tudor admitting to investing in the crypto-asset both personally and professionally.
Moreover, institutional investors have been flooding to bitcoin lately amid the coronavirus crisis. The managing director at Grayscale Investments crypto fund, Michael Sonnenshein recently revealed that the firm is seeing massive interest from institutions especially during this coronavirus period.
“It’s remarkable how much inbound interest we’ve received at Grayscale, particularly since the COVID pandemic, from HNWIs, RIAs, FAs, Family Offices, and Hedge Funds – investors *aren’t waiting* for economic stability before adding #crypto to their portfolios.”
While the crypto market is quite unpredictable, the signals do seem encouraging. Additionally, bitcoin is showing signs of strength on the technicals as it recently confirmed the bullish golden cross. It won’t be so much of a surprise if AngeloBTC’s handsome target becomes a reality come October. However, it should be noted that these are just predictions that should be taken with a pinch of salt.
