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  • PlanB suggested earlier this week that BTC/USD could easily move back to the $10k range before the start of next year.
  • “Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+…”
  • Such a massive surge would mean the flagship currency would have to rise by at least 40%.

Seeing the leading cryptocurrency heading back over the $10k mark in December may feel like a ship that’s long gone. But according to the creator of one of the most accurate BTC price models, you shouldn’t be surprised if it does.

PlanB, the Twitter analyst known for his Stock-to-Flow Bitcoin price charts, suggested earlier this week that BTC/USD could easily move back to the $10k range before the start of next year.

“Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+ .. opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare.” 

Such a massive surge would mean the flagship currency would have to rise by at least 40% from its current levels to meet this prediction.

Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

Bearish moves

Talk of the bears seemingly getting so close to the highly anticipated halving event caught the attention of another twitter analyst, Willy Woo who looked up the “unique” quality of the market this year. Woo highlighted that the prior halvings came during bullish price action. 

Responding to PlanB, Woo said time:

“We’d need to close above 8300 by the end of the month (4 more days), or we’ll likely have a bearish December to test new lows.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

Adrian Barkley , 2019-11-26 17:30:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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