Yesterday was the third or fourth day in a row during which the price of Bitcoin continued to correct lower. However, in the cryptocurrency news today all of this has changed and we can finally see the most dominant cryptocurrency adding to its price and getting closer to $9,800 and $10,000. What is interesting for many analysts is a fractal that predicts a near-vertical rise for BTC which would be a precursor for an even greater thrust higher.
One analyst suggested that Bitcoin could soon rally surge past $10,000 yet again establish a new multi month high. We are talking about the crypto analyst Anondran who recently remarked that Bitcoin’s price structure over the past few weeks since the 2019 bottom of $6,400 is extremely similar to the one of the bottoming pattern in 2018 whereas the prices have exploded off the bottom and later corrected.
So, Bitcoin was following the exact path it took in the previous cycle. The fractal predicts that it may hold $9,527 which is the first retracement of the bottom to the first local peak – and then surge higher in a near-vertical fashion in the coming days and weeks, signalling a move that will bring it past $10,000 and to a new high which would be likely above $12,000.
— Anondran (@AnondranCrypto) February 17, 2020
This entire analysis comes as many top analysts said that Bitcoin remains in a strong upward trajectory. Recently, filbfilb said that there is a “reasonable case” to be made that the recent drop is actually the “third real correction in this uptrend.”
However, the fractal predicts that BTC could surge soon and it is not only Anondran that has drawn importance to it in the Bitcoin price news. Previous reports show a trader going by the nickname ‘George’ remarking that BTC is still on track to rally towards the $11,700 price point.
George backed this forecast by posting the below chart and suggested that the cryptocurrency has somewhat maintained the $9,700 swing low and the $9,500 infection point. He said “Keep it simple, $11,700 is next. Invalidation [if there is a] clean break below $9,500.”
Keep it simple, 11.7k next. pic.twitter.com/QWqcZXeWjL
— George (@George1Trader) February 16, 2020
Unfortunately, the fractal predicts a higher move but it is unclear whether Bitcoin will hold $9,500. The cryptocurrency has been on a steep decline over the past few days as aforementioned and despite the recent surge to $9,755, there is still no signal of an impending reversal.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]