Top Analysts Lay Out Compelling Case for $12K Bitcoin Within a Month

[CryptoInvestor]

Top Analysts Lay Out Compelling Case for $12K Bitcoin Within a Month

The price of Bitcoin may hit $12,000 within the next month if it sees a breakout above $10,000, traders say.

June 01, 2020

Top Analysts Lay Out Compelling Case for $12K Bitcoin Within a MonthMARKETS NEWS

The price of Bitcoin (BTC) could rise to as high as $12,000 within the next month, some traders say. Predictions for an extended uptrend emerged as the dominant cryptocurrency steadied amid declining volatility for about five days.

Historically, Bitcoin tends to see large price movements following a long period of stability. For over 100 hours, the price of Bitcoin remained in a 2% range, which is an abnormally low level of volatility for BTC.

Why are analysts saying $12,000 is possible, and why is Bitcoin set to see high volatility?
Since late 2019, the price of Bitcoin has moved within a cycle determined by its all-time high in 2017 and local peak in June 2019. Every attempt to break out of the cycle in the past 10 months led to a steep sell-off in the cryptocurrency market.

Bitcoin failed to break out of its multi-year cycle in the last three attempts

Bitcoin failed to break out of its multiyear cycle in the last three attempts. Source: TradingView

In October 2019 and February of this year, the price of Bitcoin rose to as high as $10,584 and $10,550, respectively. In the following four weeks after surpassing $10,000, the price of BTC dropped to $6,400 and $3,600, respectively.

The question technical analysts are asking is whether Bitcoin is ready to break out of the dreaded cycle this time around, starting a new bullish trend.

The most compelling case for a breakout above $10,500 in the near term, which would kick-start a new bull market, is the ongoing consolidation of BTC at $9,500.

The term "consolidation" in trading refers to the price of an asset declining slowly as traders approach the market with caution. Continued consolidation just below a key level such as $10,000 for a relatively long period of time indicates the probability of a breakout is increasing.

A trader known as Benjamin Blunts who predicted the $3,150 bottom of Bitcoin in 2018 said:

“When BTC finally does break out of this range it's going to be explosive, I’d say $11k within 3 weeks and possibly $12k within a month.”

A bullish scenario for Bitcoin in the short-term

A bullish scenario for Bitcoin in the short-term. Source: Benjamin Blunts

Prominent Bitcoin options trader Theta Seek raised a similar point. Looking at a different data set, the trader suggested that BTC is unlikely to stay in the $9,000s for a long time:

“Been seeing alot of bearish tweets, but I think that this is the last 1-2 weeks that you'll ever be able to buy BTC under $9k.”

https://cointelegraph.com/news/top-analysts-lay-out-compelling-case-for-12k-bitcoin-within-a-month

[ShadowCrypto]

I don’t think btc trading is more of a roulette wheel than options. I really don’t see why people think it’s so risky. Buy, then when it goes up 5%, sell, then buy when it goes down 5%, then sell when it goes up 5%. The volatility is your friend. Love it, hug it, let it eat dinner with you and go on long summer evening walks together.

[Altcoin1998$]

Waiting brother,, in nearly future something better for us waiting for us. Bitcoin obviously will crossed 12k running monthend.

[Andruha1993]

I am also sure that Bitcoin will increase in price. Only it seems to me that this month he will break the mark of $ 11k. The main thing is to be patient.

[Noverteno]

This topic was written on June 4th. 20 days have passed, but it is not yet visible that the forecast began to come true. The price of bitcoin is really growing, but slowly and with periodic price fluctuations. However, we can agree that Bitcoin is now able once again to cross the ten thousand dollars mark and move on. But the dynamics of its growth is difficult to predict.

[mlawson71]

Well, it's been about a month since that analysis and BTC is still at around $9,000.

[TomPluz]

Well, it's been about a month since that analysis and BTC is still at around $9,000.

And this confirms the big fact that analysts are just all the same category of us ordinary guys, they are just making guesses, so they can be right or wrong. Actually, many of these people are just content creators, and they are just imagining things. No one can really predict what can be with Bitcoin, we can only speculate.