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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

A $13,500 Bitcoin Looks Inevitable as Price Fixes “Overbought” Worries

Yashu Gola
Yashu Gola
1 year ago
3 mins read

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A combination of supportive fundamental and technical catalysts are pointing towards an extended Bitcoin bull run.

The BTC/USD exchange rate kicked off the new week in positive territory on signs of institutional adoption, lower sell-off sentiment, and the global market uncertainty over the second coronavirus fiscal aid and the November 3 presidential election.

The pair was up 0.87 percent ahead of the New York opening bell Monday, trading at $13,158. It persistently held onto the gains it made last week on the news of PayPal foraying into cryptocurrency space. The fintech firm’s decision to allow its users to store and spend Bitcoin raised the asset’s demand in the retail market.

As a result, it posted its highest weekly close since 2018, closing more than 13 percent higher.

On-Chain Metrics Boom

Before PayPal, Bitcoin had become a part of the portfolio of many asset management and standalone institutions.

Anthony Pompliano, in a recent note to his Morgan Creek Digital’s clientele, counted StoneRidge, MicroStrategy, Square, and billionaire investor Paul Tudor Jones for their recent exposure in the Bitcoin market. He further stated that the crypto adoption at its current pace could push its price up towards a minimum of $100,000 in the next fifteen months.

Other analysts also presented their respective bull case for Bitcoin, a sentiment that later started reflecting on the cryptocurrency’s blockchain.

Data analysts at Glassnode found that Bitcoin addresses that hold balances of at least 1,000 BTC reached an all-time high on Monday. That showed accumulation at the end of “whales,” albeit they may also include wallets of exchanges and other types of Bitcoin custodian firms.

#Bitcoin addresses with balance ≥ 1000 $BTC hit a new all-time-high

data @glassnode pic.twitter.com/Nv8Zia4mRe

— unfolded. (@cryptounfolded) October 26, 2020

Meanwhile, another data showing that 98 percent of the unspent Bitcoin now remain in a state of profit further increased the possibilities of investors not selling but holding/accumulating more BTC units.

Bitcoin to $13.5K and Beyond?

What further strengthened Bitcoin’s fundamentals are the prospect of the release of at least $2 trillion in coronavirus aid after the November 3 presidential election.

The massive liquidity leaves a trail of underperforming assets behind. First, an oversupply status reduces the value of the US dollar. Second, the use of liquidity in buying government and corporate bonds subsidizes their yields, thereby making them unattractive for long-term investors. And third, it raises the possibility of higher inflation.

All the three narratives tend to benefit Bitcoin, as the crypto connoisseurs believe. The cryptocurrency’s 200 percent price rally this year also came on the backs of the same fundamentals.

That leads to even stronger technicals, as shown in the chart below.

bitcoin, BTCUSD, XBTUSD, BTCUSDT, cryptocurrency

Bitcoin consolidation pattern suggests upside continuation. Source: BTCUSD on TradingView.com

BTC/USD is now consolidating sideways, with a neutral RSI, in what appears to be two different channels. The first is a Pennant – a small symmetrical triangle that begins wider but converges as the pattern matures. The structure succeeds an uptrend – a flagpole whose height is nearly $1,800.

In the event of a breakout, therefore, Bitcoin could rise by as much as $1,800. That ideally puts the cryptocurrency’s price target around $15,000.

Nevertheless, the second channel appears more constrained to bulls. Dubbed as Ascending Channel, the structure begins when price forms a sequence of higher highs and higher lows amid two parallel trendlines. A breakout from the Pennant could turn artificial upon facing resistance at the upper trendline of the Ascending Channel.

That is near $13,500.

Therefore, Bitcoin has every possibility of hitting $13.5K in the coming sessions, but its upside target remains near $15,000 given the supportive fundamentals of the market.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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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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