Bitcoin Could Soon Move Towards $9,500
Bitcoin has consolidated in a $1,000 range between $10,000 and $11,000 over the past few days. This consolidation is expected to continue, according to a cryptocurrency analyst who predicted 2018’s bottom price to 1-2%.
The analyst shared the chart below on September 25th, noting that there’s a likelihood Bitcoin hits $11,000 by the end of September, then plunges to $9,500 by the middle of October.
He thinks that this would satisfy an Elliot Wave pattern playing out on BTC’s medium-term chart.
Chart of BTC's price action over thet past few months with analysis by crypto trader SmartContracter (Twitter handle). Chart from TradingView.com
Legacy Market Rally Could Save BTC
A legacy market rally could save the cryptocurrency market, though.
With new hopes about the fiscal stimulus bill and an assertion by the Federal Reserve to maintain low interest rates, capital markets may continue their ascent, helping Bitcoin.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Analyst Who Predicted 2018's Bottom Thinks $9,500 Is Next
Originally from Bitcoinist.com https://ift.tt/2G4ZBLr
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.