- Bitcoin has stagnated after surging as high as $11,500 on Monday. As of this article’s writing, the asset trades for $10,950 — just under 5% below the local high.
- Analysts remain optimistic about BTC, arguing that the asset is poised to rally further in the days ahead.
- One trader is predicting that Bitcoin could hit $17,000 in the weeks and months ahead.
- This is the same trader that has made historically accurate calls. For instance, the trader predicted BTC would see a V-shaped reversal in March, then it did.
- BTC’s price action may be somewhat dependent on that of gold, which is has been tracking over recent weeks and months.
Bitcoin Could Hit $17,000 in the Months Ahead: Trader
Bitcoin is on track to surge towards $17,000 by the end of the year, according to a top trader. The trader in question is one who predicted literal hours after Bitcoin crashed to $3,000 in March that a V-shaped reversal would be seen.
As to why he is predicting $17,000, the trader says that this will satisfy an ABC Elliot Wave pattern.
Elliot Wave is a type of technical analysis that predicts markets move in predictable waves that are “related to persistent changes in investor sentiment and psychology.”
“$BTC giving the cleanest breakout-retest setup I have seen in a very long time whilst each corrective wave since 4K has been vertical re-accumulation This has all characteristics for a strongly extended fifth – aside from BTC generally loving extended fifths.”
This latest analysis comes shortly after he said that the price of the leading crypto could hit $20,000 in 2020:
“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.”
Also backing this optimism is a fractal of the Nasdaq from the 2008 Great Recession onward. The fractal suggests that BTC will trade at $20,000 by the end of the year.
Bloomberg Analyst Thinks BTC Will Sustain Higher Prices
Mike McGlone, a senior commodity analyst at Bloomberg Intelligence, says that Bitcoin could move higher:
“Bitcoin is more likely to sustain higher levels than the Nasdaq due to increasing demand vs. declining supply and reduced volatility vs. the Nasdaq. Central-bank liquidity and fiscal stimulus may limit equity downside, but it’s fuel for bull markets in the quasi-currencies….”
McGlone recently argued that BTC will reach $20,000 by the end of 2020, citing the block reward halving. That’s a 80% rally from the current price to the end of the year.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst Who Predicted Bitcoin's V-Bounce at $3,700 Thinks This Comes Next