Bitcoin Could Move to $14,000 Very Soon: Analysts
There have been multiple bearish analyses thrown around over recent days as Bitcoin fails to break above $12,000. According to one trader, though, these analyses should be of no concern.
He shared the message and chart below on August 14th. It suggests that Bitcoin’s current price action looks like textbook re-accumulation in an uptrend. Periods of re-accumulation are often followed by strong uptrends, as the trader depicts in the chart below.
Discussing how Bitcoin could soon reach $14,000 due to the ongoing re-accumulation, the trader wrote:
Chart of BTC's macro price action (since the start of 2019) with an analysis by crypto trader "SmartContracter" (Twitter handle). Chart from TradingView.com
The aforementioned trader isn’t the only historically accurate individual to have made the call that Bitcoin is likely to move higher.
An individual that predicted Bitcoin would see a V-shaped reversal at the March lows shared the below analysis at the end of July, before the ongoing rally:
Macro Trends Are in BTC’s Favor
A key reason why there are so many Bitcoin bulls is due to macro factors and the fundamentals of the cryptocurrency.
Mike Novogratz, the chief executive of Galaxy Digital, said to CNBC earlier this month that he thinks the Federal Reserve’s money printing is driving capital and interest towards gold and Bitcoin.
Novogratz added that he thinks the asset is poised to hit $14,000 in the coming months, then $20,000 before the year ends.
There’s also the news that the company MicroStrategy bought $250 million worth of Bitcoin that should help to bolster the bull case.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts fromTradingView.com Analyst Who Predicted Bitcoin's 2018 Bottom Expects a Move to $14k
Originally from Bitcoinist.com https://ift.tt/2DX2VaP
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