• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Why Analyst That Called Bitcoin’s $3,200 Bottom Expects a “Face-Melting” Move

Nick Chong by Nick Chong
10 months ago
in Bitcoin
Reading Time: 3min read
fire featured image for Bitcoin article
Advertisement

After a multi-day consolidation around $9,000, Bitcoin is finally breaking out again. Thursday morning saw the cryptocurrency hit $9,400, revisiting the highs of last week as bulls step in.

While the ever-important $9,400-9,500 zone has held as macro resistance yet again, the asset is coiling for a breakout. And according to a top analyst, one who has made accurate macro Bitcoin calls, the breakout will be one in the upward direction.

Bitcoin is Coiling to Break Past $10,000

The recent rejection at $9,400 is no worry for Bitcoin, according to a top trader. He noted that considering the recent price action, there’s a good chance BTC could hit $10,700 in the coming week.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

As to why the trader thinks this is the case, he explained:

“I might be wrong but something that’s been bugging me is how some of the stronger altcoins like ADA/USD ook mad bullish but ADA/BTC looks like trash, so I kind of feel BTC is going to go on a face melting move soon.”

Bitcoin preparing to rally higher
Chart from @SmartContracter (Twitter)

Although some are skeptical of the efficacy of Elliot Wave analysis, the trader has a strong track record in analyzing the crypto markets.

In the middle of 2018, when Bitcoin was in the midst of a bear market, he revealed at which point he expects BTC to bottom, writing:

“I’m calling a bottom at exactly 3.2k with a 200 dollar leeway either side.”

Not the Only Bull

It isn’t only the abovementioned trader that expects an imminent move past $10,000 for Bitcoin.

Another top trader recently shared the chart below, indicating the cryptocurrency is poised to break to $11,000 in the near future. Backing this cheery sentiment was a confluence of signs: 

  • Bitcoin is poised to break out of the channel it has traded in since 2019’s highs
  • The cryptocurrency crossed above a number of key moving averages, including the 200-day SMA
  • The stochastic indicator is signaling there is “room for expansion” to the upside. The trader added that there is a “strong directional confluence of stochastic momentum & TK momentum.”
Bitcoin bullish signs
Chart from @Crypto_Birb (Twitter)

It Lines Up With the Bitcoin Halving

The bullish scenario proposed by traders lines up with the imminence of the Bitcoin block reward halving.

In approximately five days’ time according to estimates, the number of BTC that miners mint per block will be sliced in half automatically by the protocol. The result is in an instant 50% reduction in the cryptocurrency’s inflation rate.

The halving will be bullish for Bitcoin, analysts have said. Dan Morehead, the head of one of the earliest crypto hedge and venture funds, Pantera Capital, is one such analyst.

In Pantera’s April newsletter, the former Wall Street trader said that from a simple supply-demand analysis, he sees Bitcoin rising in the wake of the halving:

“It seems reasonable to say that if the new supply of bitcoin is cut in half, all else being equal, the price should rise. This ceteris paribus line is easy to envisage. Most miners sell their block rewards as fast as they can. They need the money to pay for energy, data center space, and to buy faster chips in the never-ending arms race.”

Photo by Anna Popović on Unsplash
Tags: bitcoin pricebtcusdbullishtechnical analysis
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

14 hours ago
Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

15 hours ago
Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

2 days ago
Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

2 days ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

2 days ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

60-Minute IFO, 187 Times Over-Raised, 40 Times the Price, 98 Million US Dollar Marketcap: Berry Data Has Become a Bright Star on BSC

February 26, 2021

Get Your Brand New Tokens on Defiqa’s Presale

February 26, 2021

Newsletter Signup


ABOUT US

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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.