Bitcoin Price
Why This Analyst Thinks Bitcoin Hits $17,000 in the Next Week
Nick Chong | Nov 08, 2020 | 21:00
- Bitcoin has dropped dramatically from the $16,000 highs, falling as low as $14,300 this weekend.
- Analysts remain optimistic that the cryptocurrency is set to resume its uptrend in the days and weeks ahead.
- One trader went as far as to say that the asset could move towards $17,000 or even $18,000 as the trends of this market remain positive.
Bitcoin Could Soon Hit $17,000, Analysts Say
Bitcoin has dropped dramatically from the $16,000 highs, falling as low as $14,300 on Saturday. The cryptocurrency has finally bounced though, returning to $15,300 as of this article’s writing.
Analysts are optimistic that the cryptocurrency could resume its ascent, potentially towards $17,000 or even $18,000 as the trends of this market remain positive:
“I think there’s a decent chance bitcoin breaches $17k and even into $18k in the next 10 days (next weekly candle). We are due for a decent mid timeframe blowoff and chill for a bit and wicking into the ATH cluster just feels so right… The path to $18k or ATH wick seems the path of least resistance. Nobody wants to sell until then and everybody is buying dips. Easiest way to create market balance is to do it quickly then let the market chop around a bit.”
The aforementioned trader isn’t the only one calling for Bitcoin to hit $17,000 in the near future.
One analyst who predicted that Bitcoin would bottom at $3,200 during 2018’s bear market recently stated the following:
“I cant help but feel, looking at the daily that 5 up from the lows at 10k is not yet complete and this dip is still just a wave 4. Also looking on the HTF charts for us to form a top here without actually tapping that 16250 resistance also feels unlikely.”
As the chart shows, Bitcoin is likely trading in an Elliot Wave pattern, which will resolve with a final thrust to $17,000. Elliot Wave is a form of technical analysis that suggests there are recurring patterns on a chart “related to persistent changes in investor sentiment and psychology.”
Elliot Wave applied to the cryptocurrency’s medium-term chart suggests the move to $17,000 is possible in the medium term.
Chart of BTC's price action over the past few months with an Elliot Wave analysis by crypto trader SmartContracter. Source: BTCUSD from TradingView.com
Election to Be a Boost for BTC
The U.S. presidential election is expected to drive this market higher.
Analyst “Light” on Twitter noted that after the previous three elections, risk-taking amongst investors was commonplace. Bitcoin will benefit from risk-taking investment activity because the cryptocurrency is still seen as a risk-on asset at times.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Why This Analyst Thinks Bitcoin Hits $17k-18k in the Next Week
