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Textbook Bull Pattern Predicts Bitcoin Could Hit $14,000 in October

Nick Chong by Nick Chong
2 years ago
in Bitcoin Price
0
Advertisement
  • Bitcoin has pulled back after the explosion higher on Monday. The asset now trades at $10,900 as of this article’s writing, five percent shy of the local highs.
  • A textbook bull pattern still predicts that BTC will hit $14,000 in the months ahead.
  • This positive sentiment has been corroborated by prominent investors such as Mike Novogratz of Galaxy Digital.

Bitcoin Could Hit $14,000

According to crypto analyst Tyler D. Coates, Bitcoin just broke out of a pivotal textbook chart pattern. The chart pattern is a “bull flag,” which is formed when prices consolidate into a flag-like pattern after a strong uptrend.

Coates’ analysis suggests that this latest bull flag predicts BTC will hit $14,000 in October or slightly before that.

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Image

Macro BTC price analysis by trader Tyler D. Coates (@Sawcruhteez on Twitter). Chart from TradingVIew.com

Mike Novogratz, the chief executive of Galaxy Digital, agrees with Coates’ sentiment that Bitcoin will soon hit $14,000. He told CNBC in an interview this week that the asset will breach $14,000 in the next few months, then hit $20,000 by year-end.

The ex-Goldman Sachs partner attributed this sentiment to the money printing by the central banks of the world. This is in reference to the long-held sentiment of many BTC investors that money printing boosts Bitcoin’s value.

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Novogratz thinks that the money printing and other narratives are driving the adoption of Bitcoin and gold, thus leading to the recent rallies.

$14,000 Is Just the Start

Some analysts have been even more optimistic than just expecting $14,000 in the months ahead.

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One trader who predicted in the middle of March that BTC would hit $10,000 by May/June (which came true) wrote the following two days ago: 

“$BTC giving the cleanest breakout-retest setup I have seen in a very long time whilst each corrective wave since 4K has been vertical re-accumulation This has all characteristics for a strongly extended fifth – aside from BTC generally loving extended fifths.”

Image

BTC price analysis by Ethereum Jack (@BTC_JackSparrow on Twitter). Chart from TradingView.com

As the chart indicates, this trader thinks Bitcoin will hit $17,000 by September or maybe even a bit earlier.

This prediction was based on an “ABC” Elliot Wave pattern. Elliot Wave is a form of technical analysis that says markets move in waves based on investor psychology. As Investopedia explains:

“Elliott Wave Theory is a method of technical analysis that looks for redcurrant long-term price patterns related to persistent changes in investor sentiment and psychology… The theory identifies waves identified as impulse waves that set up a pattern.”

It’s important to note that this same trader also thinks that after a pullback, Bitcoin will end the year around $20,000. That would mark an 80% rally from current prices.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Textbook Bull Pattern Predicts Bitcoin Could Hit $14,000 in October
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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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