Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
- Bitcoin has finally started to show weakness after recovering from last weekend’s flash crash.
- After falling as low as $10,500 last weekend, the leading cryptocurrency surged as high as $11,950 before retracing.
- As of the time of this article’s writing, BTC trades for $11,500, sliding to this critical level from the aforementioned highs.
- The retracement for Bitcoin has been bearish, especially considering it was rejected at $12,000 again.
- Some remain optimistic that Bitcoin bulls are in control, though.
- One historically accurate analyst that predicted BTC’s macro price action is still optimistic.
- He shared in a recent TradingView analysis that the flagship digital asset could hit $25,000 in the next three months.
Bitcoin Could Hit $25,000, Says Eerily Accurate Crypto Analyst
Bitcoin’s price action may seem unpredictable, but there are some commentators that have mastered the art of doing the impossible. One such individual is a pseudonymous trader known as “PentarhUdi,” who shares his thoughts via TradingView.
He predicted Bitcoin would bottom around the $3,000s in December, then bounce to ~$15,000 by the middle of 2019, drop to the $6,000s by late 2019, then begin a parabolic uptrend.
While the pandemic-induced drop in March threw a wrench into his plans, everything else came to be.
PentarhUdi now predicts that Bitcoin could hit $20,000 or even higher in the next three months. Referencing the chart below, the analyst wrote:
“This is not more than 4 months prediction, as I spotted new bullish channel . According to my idea price may reach ATH area in 2 months with following some triangle-like consolidation. For EW lovers – I think price is in starting local III wave with all 3rd-wave-specific bullish drama around. Wave length is around 2 months.”
Chart from TradingView.com
Far from the Only Optimist
Although $20,000 in two/three months is on the high-end of the prediction spectrum, there are many other optimists sharing similar sentiment to PentarhUdi.
Mike Novogratz, a former Goldman Sachs partner and current CEO of Galaxy Digital, sees Bitcoin hitting a new high this year. Telling CNBC in an interview last week how Federal Reserve and central bank money printing will boost scarce assets, he said:
“Great bubbles usually end with policy moves… It doesn’t look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus. Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin.”
The calls for a new high by the end of 2020 have been echoed by other market participants. These include BitMEX chief executive Arthur Hayes, Pantera Capital’s two co-CIOs, and many pseudonymous traders on Twitter.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Eerily Accurate Analyst Thinks Bitcoin Could Hit $25,000 in the Next 3 Months
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.