- Bitcoin has been rallying higher once again after days of consolidation.
- The cryptocurrency currently trades for $16,100, though traded as high as $16,500 hours ago.
- A leading analyst says that Bitcoin is trading in the midst of a textbook Elliot Wave pattern that will likely end with BTC peaking at $18,200 in the coming days, then correct toward $15,000.
Bitcoin Could See One Last Leg Higher
Bitcoin has been rallying higher once again after days of consolidation. The leading cryptocurrency currently trades for $16,100, though went as high as $16,500 just hours ago as buyers stepped in.
Analysts believe that the cryptocurrency could see another leg higher, potentially toward all-time highs.
The same trader that predicted Bitcoin would see a V-shaped reversal in March 2020 recently commented on Bitcoin’s price. He shared the chart below, which suggests that the cryptocurrency is trading in the midst of a textbook Elliot Wave pattern that will likely end with BTC peaking at $18,200 in the coming days, then correct toward $15,000.
Bitcoin rallying to that level from the current price of $16,100 would mark a 13% rally. Analysts think that BTC hasn’t topped yet due to the lack of extreme overleveraging in the futures market and a lack of blow-off top, which is when an asset rapidly rallies to only reverse just hours or days later.
Bitcoin’s rally upward thus far has been relatively mild by historical standards.
Chart of BTC's price action over the past few months with an analysis by crypto trader Bitcoin jack (@BTC_JackSparrow on Twitter). Source: BTCUSD from TradingView.com
The same trader previously predicted the move above $16,000, sharing the chart below that indicate that Bitcoin would break from under $16,000 toward $17,000. That move seems to be taking place as I write this.
He said on the matter:
“Breakout, retest, strong volume sweep down, retraced the entire volume zone and more. More dump would surprise me. Breakout trading time, above red. 15-15.3 would be an ideal place to bid.”
Chart of BTC's price action over the past two weeks with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter). Source: BTCUSD from TradingView.com
Better Fundamental Trends Than Ever Before
The fundamentals of Bitcoin are better than ever. The same trader recently shared a confluence of reasons why BTC is looking better now than it ever has before, even if we discount the price action.
The following are some of those reasons:
- JP Morgan analysts are now bullish on Bitcoin, arguing that some investors are starting to see the coin as an alternative to gold.
- Billionaire investors are starting to acquire the leading cryptocurrency. Stanley Druckenmiller, one of the world’s best asset managers, is the latest billionaire to have joined the party as evidenced by a recent CNBC interview.
- PayPal now supports cryptocurrency purchases and sales and will soon expand into payments.
- Iran’s central bank is now dealing in Bitcoin, though it is unclear how far its involvement goes.
- Grayscale is buying Bitcoin and Ethereum en-masse due to institutional demand for cryptocurrency.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
Author: Nick Chong ::: Source link
