Bitcoin has not performed well over the past week, after the leading cryptocurrency price hit $ 10,000 last weekend, it dropped from that important psychological resistance to just $ 8,450 – a 15% drop.
While a number of analysts point out that this return is a precursor to a deeper correction, an increasing number of commentators claim that BTC is on the verge of recovering to its previous all-time high of $ 20,000.
Even more interesting about these predictions is that a few traders expect such price promotions to take place over a few months rather than years.
Could Bitcoin Really Reach $ 18,000 in the Coming Months?
Despite the fear currently going around in the crypto industry due to the strong correction last week, Polar Hunt recently shared the analysis below. The analysis tries to compare the price action between the market structure in 2014-2016 with the current one. This indicates that Bitcoin is currently “holding up well”.
BTC after the previous market cycle on T, according to the Polar Hunt chart, means that Bitcoin will rise to $ 18,000 by the time the block reward cut comes in May 2020.
While this may sound overly optimistic, the diagram below shows uncanny similarities in the market structure between the previous market cycle and the current one.
This is also holding up nicely and shows how this particular part of the marketcycle is “sideways” and therefor both hard to buy and hard to hold.
In writing these posts to show you, but also to remind my self not sell any. I actually added to my stack this Friday. pic.twitter.com/VIG2a6OZ8q
– Polar Hunt (@polar_hunt) March 1, 2020
Polar Hunt is far from the only analyst who suspects Bitcoin will recover in the coming months. In an interview with CNBC published two weeks ago, Mike Novogratz – the CEO of Galaxy Digital and a former partner of Goldman Sachs – argued that Bitcoin may rise sharply.
While he did not mention catalysts for such a “frenzied” step in this interview, the investor previously cited central bank policy, halving and institutional involvement as key catalysts for the future growth of the BTC.
Financial survivalism – the trader who predicted Bitcoin’s price action in January weeks earlier – also suggested in a TradingView post titled “Why I believe Bitcoin will retest all time highs by July 1st, 2020” that BTC will trade over $ 20,000 by July 1. He cited a confluence of technical indicators to support his point of view.
Proof of text: newsbtc
Last update: Sunday March 1st, 2020
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