With Bitcoin Prices Leveling Out, Could BTC Still Reach $16,000 As 4Chan Prophesied?
- 4Chan made predictions in January this year regarding the path that the price of Bitcoin would take through November 2020.
- Bitcoin is presently above $9,700 at the time of writing.
The price of Bitcoin has been on the mind of many people this week. Going from $7,500 to $10,500 on October 25th, it is clear that the bullish reversal may be present. Crypto Twitter didn’t waste any time on speculating the cause of the price pump, turning to the recent statements by Chinese President Xi Jinping in favor of blockchain technology development.
Even with this good news, it is unlikely that the remarks of the Chinese president were the only factor, considering that this was the largest price leap in the 10 years that Bitcoin has been around. More likely, the rally probably could be partially due to the news in China, but there are other technical changes at play, which leads to the prophecy by 4Chan, published in January this year.
Even though there are some traders that will be doubtful, but the way that this post describes the events of Bitcoin has been surprisingly accurate. The prophecy only has four days left to meet the October 20019 prediction, considering that it has already reached many other statements. A recent article with CoinTelegraph addresses the original adopters of Bitcoin, like who originally invested and mined the token while keeping quiet about their actions, to which the website turns to “geeks” with their love of Anime.
The publication predicts that a “reclusive individual or group” could be controlling the token, which isn’t that strange considering that the token is going for just under $10,000. There are several conspiracies entertained with the sudden rise, turning to the Chinese president and even Edward Snowden. One theory that the writer considers is tied with Tether.
Right before the pump of Bitcoin occurred on October 25th, the head of Crypto Capital was arrested, due to allegedly being connected with the laundering of a drug cartel’s money. Tether is primarily a point of focus for the connection between Crypto Capital and Bitfinex, along with the missing $850 million that is the result of that collaboration.
As Tether quickly dropped by about 5% around the same time as this Bitcoin surge, could the jump correlate with an infusion of Tether into Bitcoin out of fear of collapse? Soon after Bitcoin settled around $9,500, the trading volume of Bitcoin increased exponentially.
According to the charge, the volume went from 120,000 BTC being traded to 208,000 BTC. Could this be based on traders that wanted to gain on discounted Tether?
Now, there are a few technicals in Bitcoin that should be of particular importance – the moving average, the support, and the resistance, as shown on the Bollinger Bands indicator. The resistance has already broken, which is $9,150, showing that the token could be moving even further now.
Here is the weekly chart cited in the Cointelegraph article, provided by TradingView, about two hours ago at 5:00 pm MST.
There is still resistance at the $9,880 level, and the continual test on this level will either reverse the support to take the price down to $7,700 or continue the trend upwards to $12,000. Based on several other indicators, it is possible that a full bullish reversal is happening to Bitcoin.
Based on the many charts on these changes, Bitcoin is still around the lower range of the Bollinger Bands, which means that falling down to $7,700 is still relatively likely. If the last level of support is broken at $7,400, then the token could go falling to $6,000. Based on the moves last week, Bitcoin should be seeing some selling pressure.
Even though the likelihood of rising even more seems unlikely, the last few days make it a possibility. If the price breaks through and maintains a price north of $9,880, new support could be formed to push towards a move up to $12,000. However, if the price goes down to $9,150, the CoinTelegraph article expects that the bearish trend will return.
As it presently stands, at 7:55 am EST, Bitcoin is priced at $9,406.95, having seen an increase of 1.34% in the last 24 hours. The next week or so will likely be a big change in the way that Bitcoin continues.