A crypto investor and technical strategist who predicted this month’s big Bitcoin rally says the king of crypto is targeting a long-term rise to $150,000.
On January 8th, when Bitcoin was trading around $8,000, the anonymous analyst known as Financial Survivalism said BTC appeared to be forming a classic Wycoff Spring pattern. The pattern is named after the late Richard Demille Wyckoff, whose method of analysis relies heavily on laws of supply and demand and divergences between volume and price.
Since then, Bitcoin has rallied to its current price of $9,384, with the analyst now identifying a potential cup-and-handle pattern – a formation often used to project a bearish-to-bullish trend reversal.
“Bitcoin just confirmed a cup and handle with today’s close. If it can reach its target of $11,675 then it would be the first higher high on the weekly in seven months. Breaking down the low of the handle ($8,100) would invalidate the pattern.”
The analyst believes BTC is at the outset of a long-term rally that will see the top cryptocurrency match its all-time high by July, and shatter $150,000 by the middle of 2022.
“I expect Bitcoin to retest all time highs by July of 2020. It will take some time to breakthrough that level but I fully believe we will before the end of the year. I also a holding onto my longer term target of $150,000 Bitcoin by May 2022.”
Meanwhile, analyst Josh Rager says BTC will likely retreat in the short term after moving far and fast this month. But he thinks “doom and gloom” calls predicting a major trend reversal are starting to get stale.
“Pullbacks should be expected, I’m fine with shorting, trading the range short term. But these doom and gloom calls get old, clearly Bitcoin broke the downtrend. For now, trading the range is fine.”
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