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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Economist: Bitcoin Could Be Setting Up for an Ideal Short Opportunity

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Bitcoin is currently caught in an intense updraft that has allowed its price to gain some serious momentum throughout the past couple of weeks.

This ongoing rally first began when news broke regarding Square purchasing $50 million worth of Bitcoin to hold on their balance sheets as a reserve asset.

Shortly thereafter, PayPal also announced its foray into the crypto market, introducing a new service that allows users to buy, sell, and pay for items using Bitcoin, Ethereum, and a few other digital assets.

This corporate adoption shifted investor sentiment and helped catalyze some serious momentum that isn’t showing any signs of slowing down anytime soon.

Bitcoin’s price rocketed to fresh 2020 highs of $13,700 earlier today, at which point it found some intense selling pressure that slowed its ascent and caused it to see a slight retrace.

It is now consolidating as bulls attempt to muster up enough support to catalyze a move up towards $14,000. The resistance at this level is quite intense.

One crypto-focused economist believes that BTC could extend this momentum past this level and reach the $15,000 region before seeing a strong selloff. He notes that this potential move could coincide closely with the upcoming presidential election.

Bitcoin Rallies to New Highs as Bulls Take Aim at $14,000 

At the time of writing, Bitcoin is trading up over 4% at its current price of $13,600. This is a fresh yearly high for the cryptocurrency and only marks a slight decline from its intra-rally highs of nearly $13,700 set at the peak of this move.

Where the crypto trends next will depend largely on its reaction to $14,000, as this has long been a heavy resistance level that may continue slowing its growth.

If the crypto can shatter this level and rally higher, a move to all-time highs could be on the table.

Economist: BTC Could Rally Past $15,000 Before Seeing an Election-Induced Selloff 

One possibility mused by a crypto-focused economist is that Bitcoin will rally all the way up to the mid-$15,000 level before seeing a sharp selloff that coincides with the upcoming election.

He spoke about this in a recent tweet, putting forth a chart showing a potential downside target within the $12,000 region.

“This would be great price action. Such a move should heat up the market, offering a great spot to take profits (or maybe even short if we see that prior to the elections).”

Bitcoin

Image Courtesy of Alex Krüger. Source: BTCUSD on TradingView.

It remains unclear whether Bitcoin will see a drop this intense anytime soon, but bulls do appear to be in full control of the asset for the time being.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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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