Crypto News

Scarily Accurate Analyst Thinks Bitcoin Will Hold $10,000, Triggering Strong Growth

Bitcoin has flirted with falling under $10,000 multiple times over the past week. If you take a look at BTC’s recent price action, you will see a series of bottom wicks just below $10,000. This shows that Bitcoin traders do not want the leading cryptocurrency to trade under that pivotal support level.

By NewsBTC’s count, the coin has slipped under $10,000 on at least seven occasions over the past week.

Analysts have become worried as they fear the support will eventually be broken. The loss of that level, some have postulated, will trigger a strong collapse that likely takes Bitcoin to the low-$9,000s,

Fortunately for bulls, a prominent trader believes that Bitcoin will hold the crucial level. The trader in question is one that has historically been accurate in his calls, predicting BTC’s drop to $3,000 in 2018, then the recovery to $14,000, then the subsequent drop.

Related Reading: CNBC’s “Mad Money” Host Jim Cramer Is Finally Buying Bitcoin

Bitcoin Will Hold $10,000, Says Historically Accurate Trader

One pseudonymous trader only known as “PentarhUdi” thinks Bitcoin will hold the pivotal $10,000 level moving forward.

In an analysis published September 8th to TradingView, the individual wrote:

“As you can see, $10k level is very important for Bitcoin and was under siege multiple times in the past. From downside… Now the battle is going on from upside. It takes more time than I personally expected, but this doesn’t surprise me much when I look backwards. If Bitcoin hold $10k on weekly basis (i.e. weekly candle will not close below) – it will be a strong ground for further growth. And I’m sure it will.”

This latest remark comes shortly after PentarhUdi said that Bitcoin could hit $20,000 by October or November. Referencing the chart shared below, he wrote:

“This is not more than 4 months prediction, as I spotted new bullish channel . According to my idea price may reach ATH area in 2 months with following some triangle-like consolidation. For EW lovers – I think price is in starting local III wave with all 3rd-wave-specific bullish drama around. Wave length is around 2 months.”

Chart from TradingView.com

It’s worth giving some context about this mysterious trader.

In a now-famous analysis, the trader noted that Bitcoin would bottom around the $3,000s in December 2018. Then, he predicted that the asset would bounce towards $15,000 in the middle of 2019, prior to dropping back towards the $6,000s by late 2019.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000

Far from the Only Notable Bull

Mike Novogratz of Galaxy Digital is another analyst expecting Bitcoin to move higher into the end of the year:

“Great bubbles usually end with policy moves… It doesn’t look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus. Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin.”

Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Scarily Accurate Analyst Thinks bitcoin Will Hold $10,000, Triggering Strong Growth

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Historically Accurate Trader Believes Bitcoin Will Hold $10,000 - CoinChapter
11 days ago

[…] Read the full story here. […]

Related Crypto News

The great unbanking: How DeFi is completing the job Bitcoin started
While most of us will prefer to forget the horrors of 2020, DeFi may well prove to be the...
US Banks Can Now Hold Reserves for Stablecoin Issuers, Says Federal Banking Regulator
The U.S. Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying that national banks...
Equilibrium receives Web3 grant to develop its universal DeFi module
Web3 Foundation has an established history of offering grants of up to $100,000 for groundbreaking technologies. Decentralized finance startup...
Earth needs Bitcoin as economy hits ‘debt saturation point’ — Keiser
Earth is reaching a historic “inflection point,” Keiser warns after Singapore’s central bank admits that more debt is not...
Global Hashpower Exchange Launches World’s First Exchange Dedicated to Hashpower Futures – GHPEX.com
September 22, 2020 – Global Hash Power Exchange today announced the launch of GHPEX.com, the world’s first crypto exchange...
Canada’s first regulated crypto exchange Wealthsimple Crypto goes live
Winklevoss brothers-founded Gemini powers the first regulated crypto exchange in Canada. Wealthsimple Crypto, the first regulated cryptocurrency exchange in...

Featured Crypto News

This On-Chain Indicator Looks As It Did Prior to Bitcoin’s 2017 Rally
On a macro scale, Bitcoin has yet to break out. Despite surging around 20% in the past 1.5 months,...
Daily Ethereum transactions hit a new historical high amid DeFi boom
The previous all-time high in daily transactions was recorded in 2018. Daily transactions on the Ethereum blockchain have just...
Ripple (XRP) Above 100 SMA Signals Fresh Increase: The Big Picture
Ripple is slowly moving into a positive zone above the $0.2480 support zone against the US Dollar. XRP price...
Technicals Suggest Bitcoin Looks Ready For Another Leg Higher Over $11K
Bitcoin price corrected lower, but it found support near the $10,750 zone against the US Dollar. BTC is currently...
Tether market cap increases almost 4X in 2020 to $15 billion
Tether supply surges to $15 billion but it could still be a house of cards The surging DeFi sector...
Scarily Accurate Analyst Thinks Bitcoin Will Hold $10,000, Triggering Strong Growth
Bitcoin has flirted with falling under $10,000 multiple times over the past week. If you take a look at...