Analyst: This pattern suggests Bitcoin could rise to $ 20,000 in the coming months
Bitcoin has been stuck in a consolidation phase for a few days, which was first observed when the price moved around 8. 600 Dollar moved. The cryptocurrency is on the cusp of a major upward movement that will result in it breaking into the coveted five-digit price region.
However, the big move that leads BTC to this price level could only occur when BTC reaches about $ 7. 300 has, which means Bitcoin may experience some downward movement in the short term.
Bitcoin wants to 11 due to these simple factors. 500) reach $
TradingShot – a respected tradingView technical analyst – said in a recent post that he was closely monitoring a recently formed inverse head and shoulder pattern to get an idea of where BTC will go next. Based on this pattern, which he outlines on the graphic, he believes Bitcoin will go back towards $ 7. 300 before he on $ 11. 500 increases.
“I expect Bitcoin to go back to about 7300 and the top (inverse) of the right shoulder pricing. Assuming that the pattern is symmetrical to a good degree, I then expect to peak (before halving in May) within $ 11. 000 – 11500.
Analyst: After halving the pulse, BTC will likely change to 20. 000 Dollar Rise
TradingShot, however, does not believe that Bitcoin's rally in the year 2020 at 11. 500 dollar will end as he continues to indicate that BTC after halving to the all-time highs previously determined by 20. 000 Dollar could rise.
“The halving will then come into force and after a first consolidation I expect the 20 k ATH will be tested before the end of the year, ”he explained bullishly.
In addition to the reversed head and shoulder pattern and the upcoming halving of mining rewards as bullish catalysts, he also points to BTC's position within a macro-parabolic channel.
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