Will Bitcoin Hit $20K This Fall?Sep 18, 2019
From the end of June we’ve been observing the decrease in the BTC rate volatility, and now the daily graph shows a well-formed triangle. It is important to note that the lower boundary of this triangle is a flat horizontal line – and from a technical standpoint this is not a good sign for buyers. This is why the next price drop to $9,300 may trigger a wave of sales targeting the next level of $7,600-$8,000.
The technical indicators point to the distinct market uncertainty. So let’s closely watch the activity around the technical levels of $9,300 and $10,500: the breach of either boundary can determine the future price movement trajectory. Until then, active buying/selling remains rather risky, so it is recommended to use Stop Loss to minimize your exposure.
Nevertheless, the market’s mood is quite positive. Arthur Hayes, who feels clearly bullish, today made his forecast for BTC’s future: $20,000 per coin. To refresh your memory, in March Arthur predicted that BTC will grow to $10,000 – and that was at the time when its rate was just $3,900.
You may remember that on September 23 the new cryptocurrency platform Bakkt is scheduled to launch, and this may turn into another driver for BTC and result in the bullish scenario becoming a reality.
The market players’ optimistic expectations may manifest in the breach of the wedge’s upper boundary, near the $10,500 mark, in which case the price will continue inching towards the local all time high of 14,000 USDT.