Bitcoin is having a mixed month as we can see from the latest cryptocurrency news. The price of the flagship cryptocurrency has hit a slump of late after the start of the month – posing to hint on a potential bull run thanks to President Trump’s latest trade and the aspersions being cast on Facebook’s Libra cryptocurrency. One BTC trader hints that $16,000 is a possible and achievable target this month.
For those of you who are not following our coming altcoin news, TradingShot is a well-followed provider of trading signals on TradingView with over 7,500 followers. The BTC trader hints that the parabolic rise behind Bitcoin will also push the cryptocurrency higher until it reaches a new peak. As he said on Twitter:
“The Inverse Head and Shoulders serves the purpose of deflating this rally with a sharp pull back and consolidation before the Channel Up slowly pushes it to a new peak.
We are currently completing the Inverse Head and Shoulders pattern and at the same time having already started trading within the Channel Up.”
As you can see, the inverse head and shoulder pattern is what the BTC trader hints at as a signal that could predict downtrend reversals. During this pattern, the price of Bitcoin will fall to a trough and after that rise again. Then, it will fall to a trough that is deeper than the previous one before initiating a new bull run.
Finally, the BTC trader hints that after the last trough, the price of Bitcoin will head higher – and he estimates that breaking above $12,400 meant that the bullish trend has been restored. The trading platform’s analysis also points out that the current Bitcoin bull cycle is stronger than the last one – which is why the cryptocurrency’s next rally will take it to a peak of $16,000 within this month, according to him.
TradingShot is known as one of the several technical analysts who predicted that higher Bitcoin prices are on the way. The other analysts featured on many best cryptocurrency news sites include Josh Rager, who last month said that we are just a fourth into the current Bitcoin bull cycle until the next peak arrives. He also added that the cryptocurrency could eventually hit $60,000 by the end of the current bull cycle.
The BTC trader hints at a potential Bitcoin rally, everyone is expecting bigger traction in the Bitcoin and altcoin news, too
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