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


Bitcoin has faced a slight reversal since the highs of $11,750 set a number of days ago. The Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>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.

How To Get Free Crypto  
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:

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!

“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.

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.

Coinbase Banner  

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

Go to Source
Author: Nick Chong


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.