The most popular crypto analyst on YouTube says Bitcoin is poised to return to its all-time high of $20,000.
On a new episode of DataDash, Nicholas Merten says the 21-week moving average is repeatedly matching up with the price of BTC. It’s a pattern that happened multiple times throughout Bitcoin’s last big rally from 2016 through January of 2018.
“The 21-week is doing exactly what we hoped it would do, which is basically getting close to or making contact with price. Price has pushed sideways. It has made solid support after a very quick and fast and strong rally.
We’ve needed this summer of sideways price action. I know it hasn’t been exciting, guys. We’re exiting this summer. It’s been almost three months and price hasn’t moved that much. But this was very important because historically speaking, the 21-week is a key support level for cryptocurrencies and their rallies…
So the fact that we’re doing this shows a good sign that we’re repeating history, and we’re setting up for the next cycle. The hope here would be that we hold on this moving average. If it dips, I would like those kind of buy opportunities. But at the same time, it is very good chart-wise. What was originally looking like a very shaky chart a month or two ago is now looking actually quite healthy and understandable, even on a logarithmic chart or on a linear chart…
I’m not going to try to fight against the trend. The trend has obviously proven itself, and it’s saying it’s ready to get back up to $20,000 and probably rally to new highs and start a new cycle.”
Right now, Bitcoin is up 0.08% at $10,646 according to COIN360, at time of publishing.
Ethereum is down 1.27% at $177.64, XRP is down 0.75% at $0.2599 and Litecoin is down 1.22% at $67.99.
FX Street analyst John Isige says BTC is “taking a breather” before testing $11,000.
“Bitcoin price is held hostage between support and resistance areas at $10,559 and $10,669 respectively.
Correction above the first resistance at $10,669 is likely to pave the way for a remarkable move above $11,000.”
Here’s a look at the latest analysis from across the cryptoverse.
Litecoin, Bitcoin Cash, Cardano, Tron
FXStreet – LTC/USD recovery capped by $70.00
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