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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Analyst Who Predicted $6.4k Bitcoin Bottom: Price Will Hit $11k Before Pullback

Nick Chong
Nick Chong
1 year ago
2 mins read

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Over the past few days, Bitcoin has been subject to heavy volatility.

After surmounting $10,000 on the weekend, the cryptocurrency plunged by 4% earlier this week, falling from $10,200 to $9,700 in a matter of minutes. After settling around $9,750, the price of Bitcoin jumped by 4% today, rallying as Bitfinex began enacting a scheduled maintenance of their exchange.

While some have said that this price action is a precursor to a larger drawdown that will take prices to the low-$9,000s, maybe lower, a leading analyst is convinced BTC will trade as high as $11,500 in the coming weeks.

Related Reading: Indicator That Preceded 1,000% Rally in Ripple’s XRP Just Flashed Again

Bitcoin Still on Track to Hit $11,000s, Top Analyst Says

In the middle of 2019, when investors were calling for Bitcoin to slingshot to $20,000, trader Dave the Wave was calling for rationality in the crypto markets. Case in point: he said the price of BTC would retrace to the mid-$6,000s, claiming the asset was then overextended on a long-term basis.

While many initially laughed off this comment, Dave was proven right when in December, Bitcoin reached the mid-$6,000s, finding a bottom in this region.

The analyst is now calling for Bitcoin to rally to $11,000 to $11,500 — 7.7% and 12.7% higher than the current price, respectively — citing the fact that the cryptocurrency is currently trading in a “mini-mini parabola” that is a “fractal of a fractal.” He expects the cryptocurrency to reach the aforementioned target before seeing a deeper pullback.

Reversal back up again. The big IF of the above chart didn't eventuate. How high can it go? Looking at the second to last chart above – 11K range before the '50%' consolidation [in real terms].

Minor view – break out here and now of the triangle formed, the dominant pattern. pic.twitter.com/28wSdV1NkL

— dave the wave🌊🌓 (@davthewave) February 11, 2020

Not Alone in Crypto Optimism

Dave the Wave’s call for Bitcoin to enter the $11,000s has been echoed by a number of other prominent analysts.

Per previous reports from NewsBTC, leading Bitcoin analyst Financial Survivalism (also known as Sawcruhteez) noted on January 28th that BTC has formed a medium-term cup and handle reversal pattern.

The cup and handle is an often-bullish chart pattern that sees an asset form two rounded trends, forming the cup and its respective handle. This specific cup and handle has a targeted move of around $11,675.

Also, prominent cryptocurrency trader Filb Filb, whose track record can be epitomized by the above chart he published in October 2019 (a hint: Bitcoin followed the path of the chart almost exactly), wrote the following in a recent newsletter:

“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving.”

As to why $12,500 makes sense, he noted that that is the “top target” for a bullish inverse head and shoulders chart that is forming on a medium-term basis for Bitcoin.

Filb Filb has also claimed that Bitcoin is likely to “make its way to $11,500 quickly,” citing the asset’s recent close above $9,500.

Featured Image from Shutterstock
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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.

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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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