Friday, November 1, 2021

Bitcoin [BTC] Price Analysis: To $20,000 Or $6,000 Is the Question

How fast and when BTC prices will surge to $20,000 or crash is a hot topic. On some quarters, optimism stems from Chinese Premier, Xi Jinping’s comments that China will go all in on blockchain, the underpinning technology behind viral coins like Bitcoin. That did encourage participation.

However, the speed at which BTC soared to $10,000 late October did trigger counter trend forces, forcing liquidation and profit taking, spurring liquidation to spot levels.

BTC, after temporarily testing highs of $10,400, has retraced and consolidating despite this optimism. It’s basically mixed signals and analysts are literally split.

BTC Halving pumping is on?

A stance between permabears and permabull, it’s upon price action to offer guidance. Historical data hints that BTC could rally in the last two months of the year as it did ahead of previous halvings.

Six months away, it could be an opportunity for traders to search for market inefficiencies in lower time frames and buy the dips with first targets at $14,000 or even higher.

Litecoin’s pumping throughout Q1 2019 ahead of their halving could offer approximates on multipliers and zones in which risk-off traders can place their targets as they prepare for a possible rally in Nov-Dec through to Q1 2020 before May 2020 defining moment.

In other news, cumulative value of BTC transactions soared past the $1 billion mark. It’s a milestone and a mark of adoption.

BTC/USD Price Analysis

Because of last week’s uptick, BTC prices have registered decent gains against the greenback and ETH. Predominantly bullish, the path of least resistance is northwards.

Trend trading traders, as aforementioned above and in previous BTC/USD price analysis, should search for under-valuation preferably in lower time frames and place longs with first targets at last week’s highs of around $10,400.

Meanwhile, the failure of bears to reverse gains of Oct 26 is an indicator of strength. Presently, price action of the last five days is within the conspicuous bar’s trade range meaning from a top-down approach, effort versus result point of view, buyers have the upper hand.

Ideally, if prices break above the $9,500 round number, there will be opportunity for buyers to load up with stop loss orders at around $9,000.

All in all, it would be preferable is bulls surge past Oct 26 high with high trading volumes signaling the entry of buyers and a possible start of a long-term trend ahead of next year’s market moving events.

Chart courtesy of TradingView-Coinbase

Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk.  Do your research.

The post Bitcoin [BTC] Price Analysis: To $20,000 Or $6,000 Is the Question appeared first on Crypto Economy.

Bitcoin [BTC] Price Analysis: To $20,000 Or $6,000 Is the Question