Bitcoin Price Poised to Jump 40% Towards $10,000; Here’s Why

While Bitcoin saw a strong rejection at $7,500, with the price of the leading cryptocurrency rapidly plunging to $7,200, leading some to suggest that an extended bearish reversal was possible, analysts remain bullish on BTC.
A prominent cryptocurrency trader recently remarked that his analysis of Bitcoin’s chart over the past few months shows that a key bullish divergence is forming, which implies that the price of the asset could surge by 40% in the coming weeks.
Related Reading: Bitcoin Price to Soon Go Parabolic? Analysts Say It’s Possible
Bitcoin Ready to Hit $10,000?
Full-time trader Cold Blooded Shiller recently posted the below analysis of Bitcoin’s Renko candle chart, which shows the price action over the past three years.
While there is little on the chart, the trader drew attention to two previous bouts of price action in BTC’s history, during which the price rallied by 32% and 40%, respectively, after a bullish divergence was formed between his indicator and the price.
The same divergence is forming yet again, implying that BTC could soon rally by up to 40%, which would mean the price of the asset would take $10,000.

Top Bitcoin Trader Offers Grave Warning to Investors Amidst Sharp Selloff
Tuesday February 25, 2020

Bitcoin (BTC) has seen some intense selling pressure over the past several days, with its recent flash crash from $10,200 to lows of $9,200 doing damage to the cryptocurrency’s technical strength, subsequently sparking what...

The post Top Bitcoin Trader Offers Grave Warning to Investors Amidst Sharp Selloff appeared first on 12bitplay - Bitcoin Play.

Do with this chart whatever you please $BTC bulls.
— Cold Blooded Shiller (@ColdBloodShill) December 31, 2019

Economist: Bitcoin’s Bear Market Begins Once It Breaks Below This Level
Tuesday February 25, 2020

The past week has been volatile for Bitcoin, and yesterday was no exception. In the evening, BTC bulls were able to push the cryptocurrency up to highs of $10,000 before it faced a swift...

The post Economist: Bitcoin’s Bear Market Begins Once It Breaks Below This Level appeared first on 12bitplay - Bitcoin Play.

It isn’t only this divergence pointed out by Cold Blooded Shiller that suggests Bitcoin is on the verge of bursting higher by 40%.
Earlier this year, Filb Filb posted the below chart, showing that he expected for BTC to jump by dozens of percent to near $10,000, then collapse to the low-$6,000s to interact with the “miners bottom range.”
While some laughed this off as pure bearish sentiment at the time, FilbFilb’s prediction was proven to be nearly 100% accurate, with Bitcoin surging past $10,000 in a temporary relief rally, then crashing the mid-$6,000s just earlier this month.

XRP Positioned to See Major Downside Because of These Simple Factors
Saturday February 22, 2020

XRP’s recent price action has been lackluster to say the least, with its notable surge up to highs of $0.35 being met with significant resistance which, coupled with the bearishness seen across the aggregated...

The post XRP Positioned to See Major Downside Because of These Simple Factors appeared first on 12bitplay - Bitcoin Play.

The chart now predicts that Bitcoin will form an Adam & Eve-esque bottom in the $7,000s, prior to breaking to the upside, rallying to $10,000 (40% above current levels) by the time of the halving in May 2020.
Related Reading: Four Signals Suggesting Bitcoin Price On Verge of Bull Trend
Downtrend Not Over Yet?
Although Cold Blooded Shiller’s analysis seemingly implies a bounce is on the horizon, it may not be a bounce that will take Bitcoin out of the bear trend formed after the $14,000 peak established in June.
The trader noted that as it stands, Bitcoin is in a “markdown from distribution” near the $13,000-$14,000 top, a markdown contained by a descending channel that has existed since the top of the recent bull run. When the top of the channel is hit, sellers dump their coins; when the bottom of the channel is touched, buyers step in, pushing the price back towards the middle of the channel.

I'll cover this off in a thread as I've been tagged in two threads asking for thoughts on $BTC Wyckoff schematics at this stage.
Let's explore it, I'll give you some education, things to look for and determine if we may be at a bottom.
— Cold Blooded Shiller (@ColdBloodShill) December 7, 2019

As it stands, Bitcoin at $7,200 is in the middle of the channel, seemingly in no man’s land, thus not close to a bottom.
“From a volume perspective, there is nothing to me that screams “THIS IS THE BOTTOM.” For both markdowns and markups we typically expect to see “climactic” volume,” Shiller wrote, trying to accentuate that there are no concrete signs the bottom is in for the Bitcoin market.
He later remarked that for him to conclude that the bottom is in, BTC will have to rapidly move out of the abovementioned descending channel on a large influx of volume, implying a selling climax, to fall into support, bounce, then continue sideways in preparation for the next macro move.
Related Reading: Why a Top Analyst Believes XRP Price Bottomed and Will Burst Higher
Featured Image from Shutterstock The post appeared first on NewsBTC.

You may also like...