Bitcoin is Preparing to Surge Even Higher, Leading Trader Says
Over the past hour, Bitcoin has finally started to move higher, surging out of the weekend range that was formed from $9,200 to $9,400. Per data from TradingView, the cryptocurrency just minutes ago hit $9,620 — rallying 2.3% higher in the span of about 10 minutes.
Right now, prices have seen a strong retracement, with BTC returning to whence it came, $9,300.
Analysts have still affirmed that a move higher (that will be relatively sustainable) is possible.
Think we got our answer….
— dave the wave🌊 (@davthewave) February 3, 2020
Dave the Wave, a prominent cryptocurrency trader, posted the above tweet as prices hit $9,600. The tweet includes a chart of Bitcoin trading in a mini parabola, which suggests that the price of the asset can reach $11,500 or so by the end of this month, which would mean that prices could rally another 20%.
Other Top Analysts Agree With Dave’s Sentiment
It isn’t only Dave looking to the $11,000s or $12,000s for Bitcoin to head to next.
Prominent Bitcoin analyst Financial Survivalism (also known as Sawcruhteez) — who at the start of January said that he expects for BTC to surge to $9,000 by mid-January — posted the below tweet, suggesting that BTC has formed an impeccable cup and handle breakout pattern.
The cup and handle, for some context, is a bullish chart pattern marked by two rounded bottoms at two different levels that most often sees assets strongly break higher from a local bottom.
#Bitcoin just confirmed a cup and handle with today's close. If it can reach it's target of $11,675 then it would be the first higher high on the weekly in seven months. 🚀 pic.twitter.com/wZSTgzSCCt
— Tyler D. Coates (alphαnalysis.io) (@Sawcruhteez) January 29, 2020
Per the analyst, this specific cup and handle has a targeted move of around $11,675 — 23% higher than the current price of $9,450 — which should mark the first higher high on the weekly chart in seven months should Bitcoin reach that price level.
And who could forget Filb Filb, the trader who called Bitcoin’s $3,000 bottom in 2018 then the crash to the $6,000s last October?
He wrote in a recent newsletter that he expects for BTC to trade near $12,500 by the time of the block reward reduction in May 2020, citing another bullish chart pattern that suggests an explosive move for BTC is right on the horizon.
The seeming similarities in the analyses of Dave, Sawcruhteez, and Filb adds credence to their targets.
Photo by Paula May on Unsplash