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 $200 million.
As we reported, several reasons could have been behind this surge, including China President Xi Jinping telling to “seize the opportunity” and take the leading position in blockchain technology to the expiration of CME futures contracts and massive short squeeze.
S&P making new records had Fundstrat’s Tom Lee reinstating his “unpopular opinion” that Bitcoin is “mostly retail, thus, mostly ‘risk-on'.”
+12% rally in #Bitcoin coinciding with strong equity day as S&P 500 nearing all-time highs…
– a reminder of the 'unpopular' opinion that the bitcoin performs best when S&P 500 rallies.
– best years Bitcoin when S&P 500 return >15%.$BTC mostly retail, thus, mostly 'risk-on'
— Thomas Lee (@fundstrat) October 25, 2019
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.
BITCOIN BOTTOM 24 OCT 2019
— Looposhi (@22loops) January 4, 2019
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,”
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.”
This is why you scale in. 80% of my long term spot holds now in profit. Although I still think we reject the low 9k region for one more leg down, I’ll be more than satisfied if we simply continue up. https://t.co/oHItHMh0Ir
— Credible Crypto (@CredibleCrypto) October 25, 2019
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.