Analyst: Bitcoin May See 30% Rally to $12,000 as Price Breaks Out

While there are some bearish technical signals for Bitcoin, the cryptocurrency has managed to hold the $9,000s against the odds. As of the time of writing this, BTC is changing hands for $9,250, up a mere 0.22% in the past 24 hours.
According to a leading analyst, the fact that Bitcoin has held in the $9,300 range is a sign that it may be readying to surge to $11,300, maybe even as high as $12,300.
Related Reading: Ethereum May Target $170 in Near-Term as On-Chain Volume Drops 20%
Bitcoin Preparing to Shoot to $13,000
Josh Olszewicz, an analyst at Brave New Coin, recently argued that the bull case for BTC is building once again, despite the lull seen over the past week. He quipped that the alligator indicator, an indicator that uses three smoothed moving averages to determine trends, is starting to show that Bitcoin is building strength, having gone as far as to signal a long entry.
Olszewicz then noted that the cryptocurrency has recently broken above a triangle. The measured move of that breakout implies that Bitcoin will top in the $11,300 to $12,300 range, where the middle line of one of the analyst’s pitchfork channels lies.

XRP May Target $0.45 in Near-Term Despite Falling Below $0.30
Wednesday November 06, 2019

After a brief period of trading above its long-established resistance level at $0.30, XRP has once again fallen back into the upper-$0.20 region, which may mean that it is in for an extended bout...

The post XRP May Target $0.45 in Near-Term Despite Falling Below $0.30 appeared first on 12bitplay - Bitcoin Play.

4h $BTC
1st long entry triggered on alligator/fractal at 9300, SL ~9060
next long entry <9400
pattern projecting PF ML as tp zone, 11.3-12.3
— Josh Olszewicz (@CarpeNoctom) November 3, 2019

New Blockchain Product for Loyalty to Accumulate USD 4.59 Billion
Thursday November 07, 2019

Leading merchants in many sectors are constantly introducing new loyalty programs for customers or enhancing current programs.  According to the new market research report “Loyalty Management Market by Type of Solution”, the global loyalty...

The post New Blockchain Product for Loyalty to Accumulate USD 4.59 Billion appeared first on 12bitplay - Bitcoin Play.

Related Reading: Bitcoin Looks to Close CME Gap in $8,000s As Bearish Confluence Builds
Not the Only Bull. Far From
Olszewicz isn’t the only analyst expecting for Bitcoin to shoot higher to reenter the five-digit price region.
As reported by NewsBTC previously, Trader HornHairs has noted that he “likes the chance we hit $14,000 before $7,000.”
But why, exactly, does the trader expect Bitcoin to surge higher by 55% from the current price of $9,200 over the alternative scenario of a collapse to $7,000?
Well, it has much to do with where Bitcoin has just bounced from and where it closed October. He remarked in a recent tweet that with Bitcoin bouncing strong and holding above the one-month bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle, the Point of Control as defined by the volume profile, and the yearly pivot, BTC is leaning rather bullish.

Ethereum (ETH) Holding Key Support But For How Long?
Wednesday November 13, 2019

Ethereum price is trading nicely above the key $182 and $180 support levels against the US Dollar. The price is currently facing many resistances such as $187, $188 and $190. Recently, there was a...

The post Ethereum (ETH) Holding Key Support But For How Long? appeared first on 12bitplay - Bitcoin Play.

$BTC Monthly confluence
+1M bullish breaker+.618 retracement+Volume Profile HVN/PoC+Yearly Pivot+Inside bar fakeout
I like the chances we hit $14,000 before $7,000.
— HornHairs (@CryptoHornHairs) October 31, 2019

The institutional investors sure think it’s possible.
According to a recent tweet from crypto analytics provider Skew Markets, institutions are starting to build their Bitcoin long positions via the CME futures market. In fact, since hitting reaching around 250 BTC, long positions held by institutions has surged to 1,300 BTC, implying that this subset of traders is expecting the cryptocurrency market to head higher.
Related Reading: Bakkt Bitcoin Futures See Huge Week: Growing Institutional Interest
Featured Image from Shutterstock
The post Analyst: Bitcoin May See 30% Rally to $12,000 as Price Breaks Out appeared first on NewsBTC.

You may also like...