UPDATE: BITCOIN CAN HIT $450K IN 2021, BEST AND WORST-CASE BTC SCENARIOS REVEALED BY S2F CREATOR!!!!

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After an 11% drop last week, Bitcoin (BTC) started to mount an extremely strong recovery on Sunday and Monday.

Just earlier today, the the BTC price reached a local high of $9,150, trading 5% higher on the day.

Per Raoul Pal, a former Goldman Sachs executive, this move has allowed the Bitcoin price to break out of “an inverse head and shoulders formation (with a very weak right shoulder, which makes it often more powerful.”

This move has also notably brought Bitcoin above the key 200-day simple moving average.

While the price has yet to close above this key technical level, sitting around $9,000, this specific moving average has long been seen as analysts as an indicator of an asset’s long-term directionality.

With these bullish factors in mind, where do analysts say the leading cryptocurrency can go next?

Unsurprisingly, this latest boost higher has analysts convinced that the market is ready to see even more gains.

Eerily accurate trader Filb Filb in a recent edition of his Decentrader newsletter wrote:

“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.

BITCOIN VS CORONAVIRUS: IS BTC TRADING LIKE STOCKS OR GOLD?

Bitcoin markets have reacted with increased volatility to the news of the spreading coronavirus in China.

The last few days may reveal patterns about BTC trading in relation to risk.

BITCOIN SHOWS NEW TRADING PATTERNS ON RISK EVENTS

BTC (Bitcoin) showed behavior that may reveal new patterns of trading in relation to stocks.

The coronavirus epidemic and subsequent lockdowns in China, coinciding with the Chinese New Year celebrations, caused a slump in Chinese and international stocks.

But Bitcoin prices showed a different pattern in relation to the movements of stocks, with waves of activity both coinciding with the overall slide in assets, but also rallies that suggest BTC is also a risk-averse 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:

Some sold at $1 because they thought $10 was impossibleSome sold at $10 because they thought $100 was impossibleSome sold at $100 because they thought $1,000 was impossibleSome sold at $1,000 because they thought $10,000 was impossible

Some will also sell at $10,000…

— Crypto₿ull (@CryptoBull) January 28, 2020

16/ So how about returns?

Correlations of returns between bitcoin & risk assets have historically been unstable and hovered around zero. This changed somewhat in 2019. Correlations since Jan/1/2019 are -0.14 with the S&P 500 and +0.19 with gold. pic.twitter.com/LvBFAPM8Df

— Alex Krüger (@krugermacro) January 28, 2020

$BTC Good looking candle on the monthly chart, looks like it wants to overtake the Nov. openIt would be extra bullish if this month closed above $9250

Price would likely look to push up over $10k and re-test the POC of the June to Sept ’19 pic.twitter.com/Hxl5yZys7Y

— Josh Rager 📈 (@Josh_Rager) January 28, 2020

Bitcoin vs Coronavirus: Is BTC Trading like Stocks or Gold?

Bitcoin in Midst of Powerful Breakout: How Far Will Prices Go Past $10,000?

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This Bitcoin analyst says the Bitcoin price could surge as high as $50,000, but investors must stomach a nauseating purge first.

Nevertheless, Peter Brandt says that bitcoin bulls will likely face an even worse scenario, at least in the short-term.

The analyst predicts a move below $6,000, which would usher in an extended bear winter.

Even though bitcoin’s fundamentals have been making numerous advancements, Brandt says that a strong buy signal would only come once the Crypto Twitter bulls have all but disappeared.

A thorough cleansing might be required to jumpstart a full-blown bull market. Once the nightmare is over, Brandt expects that the Bitcoin (BTC) price would be ready to soar to $50,000.

Bitcoin’s Macro Outlook is Insanely Bullish, But BTC May First Visit Sub-$5,000

Bitcoin has been facing intense volatility over the past month, which first began when it incurred an explosive rally that sent it from $7,300 to highs of $10,600.

In the time since this occurred, BTC’s bears have been firmly in control, erasing nearly all of the gains that were produced in this rally.

In the short-term, analysts are noting that it seems nearly inevitable that BTC will dip below $5,000, but the long-term outlook still looks incredibly bullish, with one industry insider saying it is all but guaranteed that Bitcoin will eventually see $100,000.

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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:

I think you are correct — in terms of price anyway. My target of $5,500 is not far below today’s low. But I think the surprise might be in the duration and nature of market. I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.

— Peter Brandt (@PeterLBrandt) November 23, 2019

For those of you who can only see the dirt on my screen, here is a clean screenshot of Bitcoin’s head-and-shoulders top. The picture really doesn’t look any better if your long Bitcoin! pic.twitter.com/hXxCYMvu1R

— Peter Schiff (@PeterSchiff) November 21, 2019

https://www.ccn.com/bitcoin-price-will-rip-to-50000-but-only-after-a-nauseating-purge/

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Quantitative analyst PlanB says he believes that his end-of-year Bitcoin price forecast will be realized. 

According to PlanB, BTC will hit a six-figure price by the end of 2021.

“I never had any doubt. I still think it will be $100,000 end of year, minimum. And there’s lots of time. We’re at [$40,000] now. So that’s a 2.5x. We’ve done more in one or two months, historically. So it can be done. I’m very confident…

Wait until you [see] my base case and best case scenarios! OK, a hint: best case Dec $450K.”

In other trending Bitcoin News today: Colombian President’s Advisor: Bitcoin Is the Most Brilliant Piece of Software!

The Advisor to the Colombian president talks about Bitcoin, his views about the asset, the country’s stance on it, and more.

“I approached Bitcoin as a great open-source project. After some time, I also got interested in the monetary innovation that it represents, and I am still discovering amazing new things every day.”

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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:

PlanB Maintains $100K Bitcoin Prediction, Reveals When His Model Would Be Invalidated

https://cryptopotato.com/colombian-presidents-advisor-bitcoin-is-the-most-brilliant-piece-of-software-exclusive/

https://news.bitcoin.com/135k-for-december-stock-to-flow-creator-lays-out-bitcoins-worst-case-scenario-for-2021/

https://cointelegraph.com/news/btc-price-slips-under-46k-but-analysts-are-betting-on-new-bitcoin-all-time-highs