Trader Predicts Bitcoin Bottom 10 Months in Advance, $16K Next Week?

In a sudden and strong movement, the Bitcoin price surged 18.8%, going from $7,393 — the lowest point of today — to as high as $8,784.

Currently, the leading cryptocurrency is trading at $8,563, as per Coincodex. Trading Volume is also increasing fast, currently registering $853 million on ten exchanges with real volume as per Messari, while last weekend we have been stuck below $200 million.

As we reported, several reasons could have been behind this surge, including China President Xi Jinping telling to “seize the opportunity” and take the leading position in blockchain technology to the expiration of CME futures contracts and massive short squeeze.

S&P making new records had Fundstrat’s Tom Lee reinstating his “unpopular opinion” that Bitcoin is “mostly retail, thus, mostly ‘risk-on'.”

But does the ongoing movement means Bitcoin is back to its bullish ways?

In Q2 of 2019, Bitcoin recorded an increment of 161% reaching a new 2019 high of $13,900. However, in the subsequent quarter, we lost 25% value and then went down to $7,350 level on October 24.

This drop, according to Looposhi, a well known Twitter commentator with 59,500 followers is the bottom of this cycle.

What’s interesting is this date was predicted by Looposhi in January, this year.

But not everyone is on board this boat. Crypto trader and investor Josh Rager says we gotta close above $7,861 first. This jump, according to him was expected, given that on Wednesday BTC lost about 10%.

“The trend is still down but in short term trades, sideways can allow a few alts to outperform BTC,”

Rager added.

Another analyst who feels the same way is Benjamin Blunts who says, “if you pull the TL from 7300 it just doesn't look right.”

Trader Credible Crypto agree with this, and sees “local low like 7.2k or mid 6k's.”

But what about the $16,000 Prediction?

A screenshot of a comment from January 2019 correctly predicted Bitcoin’s price twice, first in April at $5,300 and then in July at $9,200.

According to this anon BTC price predictor, the next stop for Bitcoin is $16,000 and it only has 5 days left to achieve that.

For starters, October isn't over yet and we have seen BTC surging like crazy in a very short amount of time in the past. In 2017, Bitcoin went from $8,000 to $20,000 in about 2 weeks and the same from $3,200 to $10,000.

But even then it might not be possible in October. Moreover, “That was a different market,” as stated by the crypto trader and investor Josh Rager adding “The trend is down currently.”

But he also acknowledged that “BTC is a reflexive asset,” as we have already seen, in less than 24 hours we saw a nearly 19% increase in price.

It would be interesting to see after being correct twice and also with BTC bottom if 4Chain will make a hattrick or we would be waiting for a new 2019 high.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide