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Bitcoin Is Poised to Confirm a Textbook Factor Predicting a $4,000 Breakout

Nick Chong
by Nick Chong
5 years ago
·
Posted in Bitcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The price action over the past few days has undoubtedly been positive for Bitcoin. Case in point: the cryptocurrency just this week hit a high of $10,100, rallying past the key $10,000 price point for the first time in weeks.

Prices have since consolidated around $9,700, with BTC finding itself stuck between the resistances of $9,500 and $10,000.

While some have said that this price action is indicative of Bitcoin forming a topping pattern, a variety of analysts are eyeing the $14,000 region as a potential next stop for this bull market.

Bitcoin Is on Its Way to $14,000

As noted by Bitcoin chartist Nunya Bizniz, the cryptocurrency is currently trading in a textbook descending broadening wedge, which break upwards 72% of the time according to technical studies.

Chart from Bitcoin chartist Nunya Bizniz. The chart depicts a textbook “descending broadening wedge,” which more often than not break higher.

What’s important is that tomorrow, if Bitcoin closes the weekly candle above ~$9,600, it will confirm that it has broken out of the textbook wedge. Classic technical analysis supplies a price target of $14,000 should BTC breakout.

It isn’t only this pattern predicting Bitcoin is well on its way to $14,000.

Per previous reports from Bitcoinist, a prominent investor eyed this level as a near-term target for the leading crypto asset, but did state that this is somewhat dependent on a clearing of the $10,500 resistance.

“The last barrier between us and my 14k target is this 9.7k-10.5k region. If we break it now, 14k+ will likely come soon after. If we reject it, we will get one last dip before breaking it. Either way, 14k+ is coming imo,” he noted in reference to the chart below.

Chart from “Credible Crypto,” a top crypto analyst. He called much of the recovery price action early on this year, along with shorter-term forecasts.

There Are Macro Tailwinds Too

Another analyst or firm expecting $14,000 is Fundstrat Global Advisors, a New York-based market analysis firm that has long had a crypto skew. Finance news outlet MarketWatch indicated that the firm sees the asset hitting $14,350 in the next 12 months.

As to why they have this prediction, firm co-founder and head of research, Tom Lee, weighed in via a Twitter comment by sharing four “solid tailwinds”:

  • Bitcoin is the best-performing “asset class” in 2020, beating U.S. Treasuries and Gold amid a global recession.
  • BTC was the best-performing asset class of 2019, rallying 92% while the U.S. stock market gained around 20%.
  • The block reward reduction, known as a “halving,” is taking place in three days, estimates suggest.
  • Paul Tudor Jones, one of the world’s biggest macro investors, just announced his fund is taking a stake in Bitcoin futures. Jones believes the cryptocurrency will act as a hedge against inflation.
Photo by Jake Givens on Unsplash
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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