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Eerie Bitcoin Fractal Predicts It May Be Just Weeks Before Bitcoin (BTC) Hits $14,000

After rallying as high as ~$10,100 on leading exchanges this week, Bitcoin plunged off a proverbial cliff.

Within 12 hours after hitting the highs, the cryptocurrency dipped by almost $1,000, crushed as long orders cascaded BTC lower.

While this was a bearish rejection at a crucial level, analysts are still bullish.

They cite a confluence of technical and fundamental factors showing that the BTC trend remains slanted to the upside.

Bitcoin’s recently price action may make it seem like a top is forming, but a fractal analysis from a leading analyst in the space has suggested the opposite.

“Fractals also refer to a recurring pattern that occurs amid larger more chaotic price movements.”

The analyst suggested that a fractal has formed between the start of 2019’s 300% rally and BTC’s price action over the past few weeks.

The fractal suggests that BTC will trade as high as $14,000 by the middle of July.

As a pertinent aside: the analyst who shared the chart below is known for observing accurate fractals, which predicted a number of key swings over the past year.

In other trending Bitcoin News today:

Three Altcoins Ready to Outperform Bitcoin (BTC), According to Crypto Analytics Firm Santiment

Crypto analytics firm Santiment says a handful of crypto market metrics indicate that Ethereum (ETH), Basic Attention Token (BAT) and Maker (MKR) all look more bullish in the short term than Bitcoin (BTC).

Santiment looked at each asset’s three-day averages in three metrics.

The first, Daily Active Addresses (DAA) vs. Price

Divergence, compares an asset’s price action to the number of unique crypto addresses interacting with that specific coin on a daily basis.

The metric views price action that outpaces DAA as a bearish signal, and vice versa.

The second, Network Value to Transactions Ratio (NVT), compares the value transferred on a specific network (transaction volume/token circulation) to the network’s market cap. If the transaction volume is low relative to market cap, an asset is considered overvalued and vice versa.

The third metric, Sentiment Volume Consumed, measures the sentiment of market participants on Twitter.

Santiment evaluated each asset using a simplified rating system: 0-10, with 0 representing the most bearish and 10 the most bullish.

A 5 implies a prediction of sideways consolidation.

Bitcoin scored a 3 on the DAA vs. Price Divergence metric, a 2 on the NVT, and a 6.5 on Sentiment Volume Consumed, for an average rating of 3.8, or “slightly bearish.”

Ethereum scored a 5 on DAA vs. Price Divergence, a 5.5 on NVT, and a 6 on Sentiment Volume Consumed, for an average rating of 5.5 (neutral).

Basic Attention Token scored an 8.5 on DAA vs. Price Divergence, a 9.5 on NVT, and a 6 on Sentiment Volume Consumed, for an average rating of 8.0 (bullish).

Maker scored a 9 on DAA vs. Price Divergence, a 10 on NVT, and a 5.5 on Sentiment Volume Consumed, for an average rating of 8.2 (bullish).

Santiment cautions that none of these scores are indicative of the firm’s long-term outlook on each asset.

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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.

Show Notes / Resources:

Don’t lose sight of the HTF…Our prior resistance region has now been broken and is now being tested as support. Bulls remain in control and gunning for the highs again imo. HTF has been bullish since posting this weeks ago, hope you have been buying the dips. $BTC https://t.co/Q7k4bd86Q5 pic.twitter.com/WpVUf1wPGt

— Credible Crypto (@CredibleCrypto) June 4, 2020

Eerie Bitcoin Fractal Predicts It May Be Just Weeks Before BTC Hits $14,000

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The pseudonymous Bitcoin trader who made the accurate call that BTC will fall by over 40% last year is back with another Bitcoin price prediction.

This time, he says Bitcoin may be on a long-term path to $540,000. Dave the Wave relies on a chart shared by on-chain market analyst Willy Woo to illustrate that Bitcoin (BTC) is still in the earliest stage of the adoption life cycle.

“If the current market represents 2.5%, then that would put price at 500K with 100% adoption/ full capitalization. This is the S curve.”

According to Dave, Bitcoin’s growth in terms of market share is just getting started as those buying the number one cryptocurrency over the last 11 years are considered innovators which make up 2.5% of the total addressable market.

Using the S-curve, Dave predicts that Bitcoin’s value will skyrocket to $540,000 as it captures a bigger percentage of the market share in the next decade or so.

While Dave sees the possibility of Bitcoin meteorically rising 4,900% from its current value of $10,800 as extrapolated from the S-curve, the crypto strategist remains a skeptic of the stock-to-flow model (S2F) as he doesn’t expect Bitcoin to hit $100,000 by December 2021.

He says he managed to get a set of criteria from Plan B, the first to apply the S2F model to BTC, that would invalidate the wildly-popular model.

Dave highlights that the criteria are set to keep subscribers from blindly believing in the model.

“Insofar as people can be rational/ civil about the matter [both subscribers and non-subscribers to s2f] then this should be the crucial test. It’s generous enough to s2f price prediction while also holding it to account unless it become a dogma.”

In other trending Bitcoin News today:

Investors Ponder Big Crypto Question in Viral Post – Will Bitcoin Really Reach $100,000?

A new, viral post on Reddit centers on an oft-debated question in the world of crypto – will Bitcoin ever hit $100,000?

This year alone, numerous BTC analysts and traders, as well as top-ranking crypto entrepreneurs, have hinted at the possibility or issued formal predictions that the leading cryptocurrency will reach six figures in value in the next couple of years.

Many Redditors agree with their confidence, calling Bitcoin’s rise to $100,000 as “inevitable” and saying it is “just a question of how much time it’ll take.”

Others still think BTC is at the mercy of whales and will remain too volatile for that kind of sustained growth. Says one Redditor,

“I’ve been a BTC bull since the early days, but also recognize that ownership is concentrated in the hands of a minority early adopters who have good motivation to cash out at the right levels. I think price will remain a cycle of pumps and dumps ranging between $6k and $30k for the next 10 years.”

Others expressed worries about dollar depreciation and pondered “how much $100,000 will buy” at whatever time Bitcoin reaches that value.

Some Redditors predict it will either surpass $100,000 or go bust and plummet to zero, all dependent on adoption.

The list of crypto influencers who say the BTC price will hit six figures includes Pantera Capital founder Dan Morehead; Real Vision CEO and former Goldman Sachs manager Raoul Pal; Morgan Creek Digital co-founder Anthony Pompliano…

Kraken chief executive Jesse Powell; veteran analyst Tone Vays; popular Youtuber Nicholas Merten; Su Zhu, chief executive of fund management firm Three Arrows Capital…

Bitcoin Pioneer Max Keiser; Bitcoin Billionaires, Tim Draper, Chamath Palihapitiya & The Winklevoss Twins; and the pseudonymous strategists Dave the Wave and PlanB among others.

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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.

Show Notes / Resources:

If the current market represents 2.5%, then that would put price at 500K with 100% adoption/ full capitalization. This is the S curve. https://t.co/ZXj5YNlckp

— dave the wave (@davthewave) September 29, 2020

https://dailyhodl.com/2020/09/30/crypto-trader-who-predicted-2019s-bitcoin-meltdown-says-this-metric-shows-btc-targeting-540000/

https://cointelegraph.com/news/bitcoin-price-in-flux-bulls-target-115k-bears-desire-drop-to-98k

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Quantitative analyst PlanB is updating his Bitcoin price target for the first quarter of 2022 and reveals when he thinks BTC will see a hyperbolic surge where it outperforms all other assets.

In an interview with Bitcoin bull Anthony Pompliano, the widely followed crypto analyst says that based on his various models, there’s a possibility for the BTC price to ascend as much as 700% by early next year.

“I guess we will be above $100,000, above $135,000 at the end of the year, and then we’ll continue to grow maybe towards to stock-to-flow X (S2FX) model target [at] $288,000 or even above. I would not be surprised even to see in Q1 in Q2 next year prices of $300,000, $400,000 [or] $500,000.”

In other trending Bitcoin News today: Crypto Analyst Alex Krüger Predicts Bitcoin Price for End of 2021, Says $1 Million BTC Inevitable in the Long Run!

In a new interview with YouTuber and crypto strategist Scott Melker, Krüger predicts that Bitcoin will eventually hit the $1 million price tag. However, he says the timeframe for the price target is up for grabs.

“One million Bitcoin? I think it will happen, most definitely. I have no idea when. I think it’s way out there.”

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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.

Show Notes / Resources:

https://cointelegraph.com/news/bitcoin-soft-fork-days-away-as-taproot-upgrade-closes-in