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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Could Soon Revisit $10,000, Analyst Who Predicted 2018’s Bottom Says

Nick Chong
Nick Chong
1 year ago
2 mins read
bitcoin price

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The past few days have seen Bitcoin trade in the low-$9,000s seemingly with a downside skew. The cryptocurrency has tested $9,000 time and time again, as bears prepare to push the asset under that crucial support to confirm a bear trend.

Yet an analyst that made an extremely accurate prediction has suggested that Bitcoin may soon see some bullish relief and rally to the upside.

Related Reading: Crypto Tidbits: BTC Holds $9k, Ethereum DeFi Gains Traction, Trump Talked BTC in 2018

Bitcoin Could Soon Revisit $10,000 Range, Analyst Says

After a brutal multi-month retracement from $20,000 to the $6,000 region, Bitcoin flatlined in the middle of 2018.

Many saw the price action as bullish: analysts said that because the cryptocurrency has held the $6,000s without faltering, it was primed to rally back into a bull market. The sentiment was so rife that when BTC rallied from ~$6,300 to $8,200 in August, some investors began to speculate that new all-time highs were likely.

But one trader predicted that the bear trend would bottom at $3,200, writing in June 2018: “I’m calling a bottom at exactly 3.2k with a 200 dollar leeway either side.”

Six months later, he was proven correct when BTC bottomed at $3,150.

His latest forecast is that Bitcoin is primed to rally over the coming days. Referencing the chart below, which suggests that BTC is breaking out of a textbook bull flag, the analyst opined:

“Longer-term, this is defo beginning to feel distributive, however the long slow grind down from 9600 feels corrective. a 4h close above 9400 would be a bull flag breakout to 9900, IMO.”

Image

Bitcoin short-term price analysis by trader "Smart Contracter" (@SmartContracter on Twitter). Chart from TradingView.com

A rally to $9,900 would be a 6% rally from the market price of BTC as of the time of this article’s publishing.

There Will Be A Correction… Eventually

Yet that’s not to say that the analyst expects Bitcoin to break past and hold above $10,000.

The same trader noted days prior to the abovementioned analysis that Bitcoin is primed to see a 20-30% retracement in the coming weeks due to weakness in the S&P 500, which BTC has traced amid the ongoing recession.

He’s not alone in sharing that opinion.

Jeremy Grantham, a prominent stock trader, told CNBC last week that equities are reaching bubble territory. This comment was made in reference to the fact that stocks have been nearing all-time highs while the economy is in its worse condition in modern times.

Grantham is known for calling the tops of previous stock markets, such as that seen in 2008-2009 and the one before that during the Dotcom Boom at the turn of the century.

Related Reading: Buying Bitcoin at $8k or $9k Won’t Matter in 2 Years: Fund Manager Explains
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Could Soon Revisit $10,000, Analyst Who Predicted 2018's Bottom Says
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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