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Analysts are wondering what comes next for the Bitcoin market as volatility has continued to tighten to multi-year lows.
Traders are divided, with BTC’s futures markets having largely neutral funding rates.
A cryptocurrency analyst who predicted that Bitcoin would see a V-shaped reversal from the March lows expects the consolidation to resolve upward.
This analyst said that there’s a good likelihood the leading cryptocurrency can trade as high as $17,000 in 2020. That would mark a more than 70% rally from current prices.
After weeks of consolidation, Bitcoin is finally showing signs of strength. While the asset remains below crucial resistance levels, an analyst says that he’s expecting a move to $17,000 in the months ahead.
Bitcoin Could Soon Surge to $17k: Accurate Analyst
As readers likely remember, March was a scary time for investors in the cryptocurrency market.
In the span of a week, the price of Bitcoin fell off a cliff as it plunged from $9,000 to $3,700. The severity of the drop was brutal: billions were liquidated, investors left the industry, and some companies went bankrupt. With such a strong shakeout, some were afraid of what was to come next for BTC.
Through this, though, one analyst kept an optimistic tone.
Hours after Bitcoin hit $3,700, the individual in question shared the image below. It’s a chart in which the analyst suggested the bottom was in after the drop to $3,700. The same commentator later added that there will likely be a “V-shaped reversal” that takes Bitcoin back to $10,000 by May or June.
Chart by @BTC_JackSparrow (Twitter handle), from TradingView.com
That same trader now says Bitcoin could see a “parabolic” rally to $17,000 in the months ahead. In a tweet published July 24th, he wrote:
“A fair amount of ‘19/20 Bitcoin accumulation is happening by whales who bought the alt bottom My $BTC best guess for remainder of year: Parabolic 17K rally as alts hit distribution range followed by market wide shakeout, retest of 10.5K and grind to ATH Result: uber rektness.”
His expectations for a rally to $17,000, then to $20,000 are based on a number of trends.
These include: 1) his sentiment that Bitcoin is trading in a textbook Wyckoff Re-Accumulation, 2) BTC is trading as the Nasdaq did from 2008 onward, and 3) whales and long-term holders are accumulating at current levels.
Not the Only Investor Expecting a Move to $20k
The analyst is far from the only market participant expecting a move to $20,000 in 2020.
Dan Morehead of Pantera Capital said in a March report that Bitcoin is likely to set a new record as central banks print money en-masse:
“Now that we’re in the trillions, the deficit just simply has to have a positive impact on the price of things not quantitatively-easable — stocks, real estate, cryptocurrency relative to the price of money. Said another way, the BTC/USD cross-currency rate will rise. The price of bitcoin may set a new record in the next twelve months.”
Bloomberg’s Mike McGlone, Arthur Hayes of BitMEX, and Mike Novogratz of Galaxy Digital are also among those that think BTC will hit $20k.
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analyst Who Predicted Bitcoin’s V-Shaped Reversal Expects Rally to $17k