- While Bitcoin has seen local volatility, the coin is in a tight range on a medium-term basis.
- The coin has traded between $10,000 and $11,000 over the past few weeks.
- BTC now trades for $10,650 as of this article’s writing, smack dab in the middle of the range.
- A top analyst says that Bitcoin is primed to retest $11,000, then undergo a rejection in the coming weeks.
- This rejection could take BTC towards the CME futures gap around $9,500, the analyst predicts.
- This analyst is the same one that predicted in the middle of 2018 that Bitcoin would hit $3,200 at the bottom of the bear market.
Bitcoin Could Soon Move Towards $9,500
Bitcoin has consolidated in a $1,000 range between $10,000 and $11,000 over the past few days. This consolidation is expected to continue, according to a cryptocurrency analyst who predicted 2018’s bottom price to 1-2%.
The analyst shared the chart below on September 25th, noting that there’s a likelihood Bitcoin hits $11,000 by the end of September, then plunges to $9,500 by the middle of October.
He thinks that this would satisfy an Elliot Wave pattern playing out on BTC’s medium-term chart.
“this is how im banking on btc price action to look over the next few days, the 5 wave decline from 11.2k signals that was the start of a move down and not the end of it. will be looking to short 10.9k and only longing if 11.2k is taken out again although i suspect it wont.”
Chart of BTC's price action over thet past few months with analysis by crypto trader SmartContracter (Twitter handle). Chart from TradingView.com
Legacy Market Rally Could Save BTC
A legacy market rally could save the cryptocurrency market, though.
With new hopes about the fiscal stimulus bill and an assertion by the Federal Reserve to maintain low interest rates, capital markets may continue their ascent, helping Bitcoin.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Analyst Who Predicted 2018's Bottom Thinks $9,500 Is Next