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A self-declared cryptocurrency whale whisperer known for being a top trader on BitMEX is bullish on the Bitcoin price trajectory over the next five months.
In a new viral tweet, AngeloBTC tells his 150,000 followers on Crypto Twitter that BTC is coiling in a triangle that will lead to an eventual breakout and surge to $16,000 by October.
Last month, Angelo compared the current BTC price path to the early days of its epic run to $20,000 back in 2017.
This time around, he believes Bitcoin is en route to $30,000 in 2021. “Crazy how they had to tank the stock market to shake people out before the halving.
Crazy how we are still going to $30k.” BTC is currently battling psychological resistance at the $9,000 level.
At time of publishing, Bitcoin is down 4.50% in the last 24 hours at $9,072, according to CoinMarketCap.
That’s an 8.39% drop from a recent high of $9,903 set on May 17th.
In the short term, analyst and trader Michaël van de Poppe says BTC is at risk of a further drop to low $8,000 levels.
“Testing the support level here (might wick to $9,100), after breaking below the rising wedge structure. Holding here and we can test the range highs again. If Bitcoin can’t, I’m assuming the $8,200-8,500 level to be tested as support next.”
In other trending Bitcoin News today:
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have failed.
Since May 20 Bitcoin (BTC) price has dropped nearly 10%, shifting traders’ focus from taking out the $10K resistance to now holding above the all-important $8,800 support.
The short-term bearish trend took hold after the top-ranked crypto-asset on CoinMarketCap experienced repeated rejections near the $10K mark, which took the form of higher lows at $9,942, $9,905 and $9,849.
Failure to set a higher high above these levels and the steady loss of momentum eventually caused the price to drop below the bullish pennant and the last two days have seen the bearish move intensify.
For the time being, Bitcoin price continues to find support at the ascending channel trendline but the strength of each bounce from this support is beginning to thin and a number of traders are now calling for a revisit to $7,400-$6,500 if the $8,800-$8,575 support gives out.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.