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Bitcoin Price Just Surpassed $9,000: It Means a Full-Blown Crypto Rally is Just Beginning
BTC price prediction models vary greatly but one analyst that has been correct on numerous occasions has plotted a path to $70,000 Bitcoin (BTC) by the end of the year.
Popular crypto twitter commentator, ‘Whale Panda’, pulled up a Bitcoin price prediction chart drawn back in 2018 by Tradingview user, PentarhUdi.
Despite being over 2 years old, PentarhUdi’s work predicted the BTC price movements to date flawlessly.
The crypto capitulation in December 2018 was predicted as BTC fell to $3,200.
The top of around $14k in the middle of last year was correctly called, as was the 50% pullback into the $6k region.
His prediction for Bitcoin price at the moment is spot on at just below $9k.
If that uncanny accuracy continues to apply Bitcoin should continue to climb throughout the year, breaking its all-time high in June just after the halving.
Following that, prices could blast all the way up to $70k by the end of 2020.
Several aspects could influence such a move including the BTC halving which many assert has not been factored into current prices.
Add to that the premise of further geopolitical and economic tensions and there is the recipe for a bull market. Once bitcoin reaches the five figure level again the FOMO will escalate and new capital should start flowing in.
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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:
$BTC UptrendFixed range Volume Profile shows the importance of Point of Control (POC) for a major range to act as support 2018 POC held as support at $6,400sIMO, we should see the 2019 POC act as support at $10,100
= Price should stay above $10,100 on its way to new ATH pic.twitter.com/VkpUYqTYrO
— Josh Rager 📈 (@Josh_Rager) January 17, 2020
📈 $BTC Mean Hash Rate (1d MA) just reached 1-year high of 125,058,646,627,207,626,752.000(Previous 1-year high of 122,916,246,977,853,194,240.000 was observed on 05 January 2020)
View metric:https://t.co/8zrAyUe7NJ pic.twitter.com/cHSg2O7Iru
— glassnode alerts (@glassnodealerts) January 17, 2020
Notable underperformance if looking at returns of the days preceding the week before New Year. i.e. for 2020, Daily Avg 5 days preceding NY-7 would represent the daily average return between Jan/12 and Jan/17.Something to watch out for in 2021.
h/t @MapleLeafCap pic.twitter.com/C3uI0Wm7TK
— Alex Krüger (@krugermacro) January 17, 2020