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Nexo

Historically Accurate Analyst Expects Bitcoin to Hit $18,000 In Coming Days

Nick Chong by Nick Chong
2 years ago
in Bitcoin Price
1
  • Bitcoin has been rallying higher once again after days of consolidation.
  • The cryptocurrency currently trades for $16,100, though traded as high as $16,500 hours ago.
  • A leading analyst says that Bitcoin is trading in the midst of a textbook Elliot Wave pattern that will likely end with BTC peaking at $18,200 in the coming days, then correct toward $15,000.

Bitcoin Could See One Last Leg Higher

Bitcoin has been rallying higher once again after days of consolidation. The leading cryptocurrency currently trades for $16,100, though went as high as $16,500 just hours ago as buyers stepped in.

Analysts believe that the cryptocurrency could see another leg higher, potentially toward all-time highs.

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The same trader that predicted Bitcoin would see a V-shaped reversal in March 2020 recently commented on Bitcoin’s price. He shared the chart below, which suggests that the cryptocurrency is trading in the midst of a textbook Elliot Wave pattern that will likely end with BTC peaking at $18,200 in the coming days, then correct toward $15,000.

Bitcoin rallying to that level from the current price of $16,100 would mark a 13% rally. Analysts think that BTC hasn’t topped yet due to the lack of extreme overleveraging in the futures market and a lack of blow-off top, which is when an asset rapidly rallies to only reverse just hours or days later.

Bitcoin’s rally upward thus far has been relatively mild by historical standards.

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Image

 

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

The same trader previously predicted the move above $16,000, sharing the chart below that indicate that Bitcoin would break from under $16,000 toward $17,000. That move seems to be taking place as I write this.

He said on the matter:

“Breakout, retest, strong volume sweep down, retraced the entire volume zone and more. More dump would surprise me. Breakout trading time, above red. 15-15.3 would be an ideal place to bid.”

Image

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

Better Fundamental Trends Than Ever Before

The fundamentals of Bitcoin are better than ever. The same trader recently shared a confluence of reasons why BTC is looking better now than it ever has before, even if we discount the price action.

The following are some of those reasons:

  • JP Morgan analysts are now bullish on Bitcoin, arguing that some investors are starting to see the coin as an alternative to gold.
  • Billionaire investors are starting to acquire the leading cryptocurrency. Stanley Druckenmiller, one of the world’s best asset managers, is the latest billionaire to have joined the party as evidenced by a recent CNBC interview.
  • PayPal now supports cryptocurrency purchases and sales and will soon expand into payments.
  • Iran’s central bank is now dealing in Bitcoin, though it is unclear how far its involvement goes.
  • Grayscale is buying Bitcoin and Ethereum en-masse due to institutional demand for cryptocurrency.
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
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Nick Chong

Nick Chong

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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