In summary:
- Crypto Analyst Timothy Peterson has stated that Bitcoin’s odds at reaching $17k by the end of the year stand at 30%.
- $17,200 was Bitcoin’s peak value in 2018.
- If Bitcoin hits $17k, it would fulfill another price prediction by Bitcoin analyst MagicPoopCannon.
In the month of August, Bitcoin (BTC) has attempted to break the $12,000 resistance zone on four occasions. Two of the four attempts have been in the last 48 hours with Bitcoin pushing as high as $11,984 and $11,977 respectively.
If Bitcoin manages to break the $12,000 price ceiling and turn it into support, BTC increases its odds of retesting its 2019 peak of $14,000 and its 2018 peak value of around $17,200.
Bitcoin has a 30% Chance at Reaching $17k
With respect to the latter price level, Timothy Peterson of Cane Island Alternative Advisors has stated that the odds of Bitcoin reaching $17k during the remainder of 2020 currently stand at 30%. Mr. Peterson made the comments via Twitter and was responding to an article that suggested that a BTC break above $12k would guarantee a push towards $15k – $17k. Below is his Tweet providing the odds for Bitcoin.
Odds of #bitcoin reaching $17,000 any time during the remainder of the year are about 30%. https://t.co/COeHIwV5gZ
— Timothy Peterson (@nsquaredcrypto) August 15, 2020
$17k Target Mirrors MagicPoopCannon’s Bitcoin Analysis in mid-May
Also to note, is that the $17k price was also an area of interest in MagicPoopCannon’s analysis of Bitcoin back in mid-May.
In his analysis, Magic had explained that Bitcoin had to first break $10,600 for BTC to have a chance at testing $14,000 and $17,000. He explained:
..if BTC can print a solid breakout here, and get above 10600, I think there is a very good chance that it will take out the 14,000 level, and rally all the way up to the projected target of 17,200.
What Next for Bitcoin in the Crypto Markets?
As earlier mentioned, Bitcoin has attempted to break the $12,000 price ceiling on four occasions in the month of August. As a result, Bitcoin’s price movements have been printing an ascending triangle as seen in the screenshot below.
Further analyzing the daily BTC/USDT chart above, the following can be observed.
- Trade volume is in the green but has reduced during the weekend.
- The MACD histograms point towards a level of selling.
- MFI is a bit high at 66.
- Bitcoin’s current price around $11,850 is above the 50-day, 100-day and 200-day moving averages hinting towards a bullish scenario.
- A resolution of the ascending triangle to the upside would turn $12k into a new support zone for Bitcoin.