Bitcoin has faced a slight reversal since the highs of $11,750 set a number of days ago. The 硬币 currently trades for $11,350 as of this article’s writing, 3.4% below the highs.
Analysts remain optimistic despite the price reversal. One historically accurate analyst that has called a number of pivotal movements in the Bitcoin price said that the cryptocurrency is primed to hit $12,000 as we enter the second half of October. The cryptocurrency could continue even higher to new year-to-date highs by the end of the month, the analyst said.
Bitcoin Primed to Hit $12,000, Historically Accurate Analyst Says
Bitcoin is primed to move toward $13,000 by the end of the month, a crypto-asset trader recently stated. He 共用的， the chart below, which suggests that the asset is currently forming an “ABC” Elliot Wave pattern that will result in this trading range breaking upward:
“Expecting rangebound price action for a couple of days to eventually expand in to end of the month I’m bullish – this idea invalidates below 11.2K.”
The analyst that made this prediction is the same one that predicted in the middle of 2018 that the asset would bottom at $3,150.
Chart of BTC's price action over the past few weeks with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter). Source: 来自TradingView.com的BTCUSD
Fundamental trends support the expectations for a trend of growth for Bitcoin. Tyler Winklevoss, the co-founder of Gemini, believes that Square and MicroStrategy buying Bitcoin will bring a wave of capital towards this space in the near future:
“首先，它是@michael_saylorand @MicroStrategyy公开交易的，以425亿美元的价格购买#Bitcoin。 今天，是@jackand @square购买50万美元的比特币。 明天，它将是另一位有远见的领导人，又是另一位，还有……海啸将至”
This has been echoed by a swath of other analysts.
Dan Tapiero, the co-founder of Gold Bullion International, thinks that the cryptocurrency could surge higher as institutional investors accumulate more Bitcoin than being mined. This suggests that there will be a net inflow of capital, driving prices higher.
The institutional investment case for Bitcoin has grown over recent months and years. Fidelity Investments released a report recently noting how a small allocation to BTC can minimize price downside and amplify upside.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst Who Predicted V-Shaped Reversal Thinks Bitcoin Will Hit $12k