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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets

Analyst Who Called March’s V-Shaped Reversal Says Bitcoin May Drop to $15k

Nick Chong
by Nick Chong
4 years ago
·
Posted in Bitcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Bitcoin has exploded higher in the past week, moving as high as $15,975.
  • The coin currently trades for $15,600.
  • Though, analysts think that the cryptocurrency could drop toward $15,000.
  • One such analyst that called this is the same one that predicted Bitcoin’s V-shaped reversal in March.

Bitcoin Could Retrace Toward $15,000, Analysts Say

Bitcoin has exploded higher in the past week. Since the weekly lows of $13,300 that was triggered due to the election, the coin has exploded as high as $15,975. The coin is up 50% in the past month and above 10% in the past seven days alone.

The price of the leading cryptocurrency currently is $15,600, with Bitcoin facing a slight retracement over the past few days. Bitcoin’s drop has resulted in a rally in the price of altcoins, as capital is cycling from BTC profits into other cryptocurrencies.

Despite Bitcoin holding strong in the $15,000 range, some think that a further retracement will follow.

The crypto-asset analyst that predicted Bitcoin would see a V-shaped reversal in March shared the chart below on November 6th. The chart shows that the cryptocurrency is currently trading in the midst of a descending channel pattern, which suggests a move to $15,000 will take place shortly. $15,000 is rather close to the current price but it would still mark a notable retracement from current levels.

Image

Chart of BTC's price action over the past few days with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter).
Source; BTCUSD from TradingView.com

Of note, the chart does show that after Bitcoin retraces to the $15,000 region, it is likely to spring above $16,000 for the first time since early 2018. The chart shows that the coin will do so by breaking its short-term downtrend and reclaiming some important technical levels on a short-term basis.

Long-Term Bullish

Corroborating the expectations of a further move higher, the long-term trends for Bitcoin remain bullish.

Ikigai Asset Management’s Hans Hague recently noted that per his analysis, Square and Grayscale have accumulated $2.3 billion worth of the leading cryptocurrency over the course of Q3 2020. This is relevant because, over that same time frame, Bitcoin miners created over $1 billion worth of BTC.

This means that there was more buying pressure from those two firms alone than natural selling pressure via mining.

“In 2020-Q3, #Bitcoin Miners brought in just under $1 Billion USD. That’s new BTC + Fees. Square and Grayscale alone took in $2.3 Billion USD. That’s a 1.3 Billion USD Shortfall. Supply and Demand.”

Many expect this buying demand to eventually culminate in a rapid surge to new highs as Bitcoin buyers continue to dramatically outweigh sellers.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analyst Who Called March's V-Shaped Reversal Says Bitcoin May Drop to $15k
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Nick Chong

Nick Chong

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I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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