What Next for Bitcoin in the Crypto Markets? As earlier mentioned, Bitcoin has attempted to break the $12,000 price ceiling on four occasions in the month of August.
As a result, Bitcoin’s price movements have been printing an ascending triangle as seen in the screenshot below.
Further analyzing the daily BTC/USDT chart above, the following can be observed.
- Trade volume is in the green but has reduced during the weekend.
- The MACD histograms point towards a level of selling.
- MFI is a bit high at 66.
- Bitcoin’s current price around $11,850 is above the 50-day, 100-day and 200-day moving averages hinting towards a bullish scenario.
- A resolution of the ascending triangle to the upside would turn $12k into a new support zone for Bitcoin.
- Crypto Analyst Timothy Peterson has stated that Bitcoin’s odds at reaching $17k by the end of the year stand at 30%.
- $17,200 was Bitcoin’s peak value in 2018.
- If Bitcoin hits $17k, it would fulfill another price prediction by Bitcoin analyst MagicPoopCannon.
In the month of August, Bitcoin has attempted to break the $12,000 resistance zone on four occasions. Two of the four attempts have been in the last 48 hours with Bitcoin pushing as high as $11,984 and $11,977 respectively.
If Bitcoin manages to break the $12,000 price ceiling and turn it into support, BTC increases its odds of retesting its 2019 peak of $14,000 and its 2018 peak value of around $17,200.
Bitcoin has a 30% Chance at Reaching $17k
With respect to the latter price level, Timothy Peterson of Cane Island Alternative Advisors has stated that the odds of Bitcoin reaching $17k during the remainder of 2020 currently stand at 30%. Mr. Peterson made the comments via Twitter and was responding to an article that suggested that a BTC break above $12k would guarantee a push towards $15k – $17k. Below is his Tweet providing the odds for Bitcoin.
Odds of #bitcoin reaching $17,000 any time during the remainder of the year are about 30%. https://t.co/COeHIwV5gZ
– Timothy Peterson (@nsquaredcrypto) August 15, 2020
$17k Target Mirrors MagicPoopCannon’s Bitcoin Analysis in mid-May
Also to note, is that the $17k price was also an area of interest in MagicPoopCannon’s analysis of Bitcoin back in mid-May.
In his analysis, Magic had explained that Bitcoin had to first break $10,600 for BTC to have a chance at testing $14,000 and $17,000. He explained:
..if BTC can print a solid breakout here, and get above 10600, I think there is a very good chance that it will take out the 14,000 level, and rally all the way up to the projected target of 17,200.