$90,000 for BTC: an Impartial Look at the SituationOct 2, 2019
One of the largest German banks Bayerische Landesbank (BayernLB) just published a research paper in which it predicts that in 2020 Bitcoin price will reach $90,000. 🙂 Despite this incredibly optimistic forecast, the BTC/USDT pair is currently holding at a fairly narrow price range about the technical level of support of $7,800.
At the same time, Binance Research analysts have noted earlier that the recent Bitcoin crash had to do with the unrealized expectations concerning the bitcoin futures trading on the new platform Bakkt. But since the sellers’ activity remains moderate, and no continued decline has followed, it is hard to exclude the next wave of growth.
Let us remind our readers that after the breach of the lower boundary of the triangle at D1, not all of the decline potential was exhausted. This is why traders would be wise to take these risks into account and use protective Stop Loss orders. When the price bounces back to above $8,600, it will be a sign that the buyers are ready to take up the growing trend again.
Because the price at D1 continues to hover in a narrow flat, it continues to be extremely difficult to gauge the mood in the marketplace. Meanwhile, the technical indicator RSI remains in the oversold zone, signaling the need to restart the growth in the mid-term perspective. Consequently, traders should be closely monitoring the narrow technical level of resistance of $8,400-8,600, the breach of which will be a good signal for buyers whose target is the $9,000 mark.
NB: It is important to keep in mind that this period of uncertainty may be just a pause before the subsequent decline. We recommend to enter the market only after the scenarios we described above have come to pass.