Bitcoin Price
Eerily Accurate Analyst Thinks Bitcoin Could Hit $20,000 in the Next 3 Months
Nick Chong | Aug 08, 2020 | 07:00
- Bitcoin has finally started to show weakness after recovering from last weekend’s flash crash.
- After falling as low as $10,500 last weekend, the leading cryptocurrency surged as high as $11,950 before retracing.
- As of the time of this article’s writing, BTC trades for $11,500, sliding to this critical level from the aforementioned highs.
- The retracement for Bitcoin has been bearish, especially considering it was rejected at $12,000 again.
- Some remain optimistic that Bitcoin bulls are in control, though.
- One historically accurate analyst that predicted BTC’s macro price action is still optimistic.
- He shared in a recent TradingView analysis that the flagship digital asset could hit $25,000 in the next three months.
Bitcoin Could Hit $25,000, Says Eerily Accurate Crypto Analyst
Bitcoin’s price action may seem unpredictable, but there are some commentators that have mastered the art of doing the impossible. One such individual is a pseudonymous trader known as “PentarhUdi,” who shares his thoughts via TradingView.
He predicted Bitcoin would bottom around the $3,000s in December, then bounce to ~$15,000 by the middle of 2019, drop to the $6,000s by late 2019, then begin a parabolic uptrend.
While the pandemic-induced drop in March threw a wrench into his plans, everything else came to be.
PentarhUdi now predicts that Bitcoin could hit $20,000 or even higher in the next three months. Referencing the chart below, the analyst wrote:
“This is not more than 4 months prediction, as I spotted new bullish channel . According to my idea price may reach ATH area in 2 months with following some triangle-like consolidation. For EW lovers – I think price is in starting local III wave with all 3rd-wave-specific bullish drama around. Wave length is around 2 months.”
Chart from TradingView.com
Far from the Only Optimist
Although $20,000 in two/three months is on the high-end of the prediction spectrum, there are many other optimists sharing similar sentiment to PentarhUdi.
Mike Novogratz, a former Goldman Sachs partner and current CEO of Galaxy Digital, sees Bitcoin hitting a new high this year. Telling CNBC in an interview last week how Federal Reserve and central bank money printing will boost scarce assets, he said:
“Great bubbles usually end with policy moves… It doesn’t look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus. Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin.”
The calls for a new high by the end of 2020 have been echoed by other market participants. These include BitMEX chief executive Arthur Hayes, Pantera Capital’s two co-CIOs, and many pseudonymous traders on Twitter.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Eerily Accurate Analyst Thinks Bitcoin Could Hit $25,000 in the Next 3 Months
