Bitcoin (BTC) Price Could Soon Hit $8,000, According to Eerily Accurate Fractal

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    The Bitcoin price could remain in limbo throughout January before a major move in February, according to this prescient fractal

Bitcoin (BTC) Price Could Soon Hit $8,000, According to Eerily Accurate Fractal
Cover image via 123rf.com
Contents

Those who doubled the power of fractal analysis have been proven wrong. Now, Bitcoin bulls should be ready for the leading cryptocurrency to touch $8,000 in February with halving hopium kicking in.     

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Hold down your horses 

As reported by U.Today, cryptocurrency trader NebraskanGooner has been following an uncannily accurate fractal for a couple of months. Bitcoin never nose-dived to $6,200 in December, but it still experienced a major price drop to the $6,500 level that turned out to be an excellent buying opportunity in hindsight. 

As Bitcoin continues to trade within a very tight range, there is no doubt that another major price move is on the cards. However, according to the aforementioned fractal, the orange coin might continue to move sideways up until February. Then, the bulls will gain the upper hand and push the BTC price to the $8,000 level, its highest point since Nov. 20. 

Bitcoin Price

At press time, BTC is sitting at $7,418 after failing to break above the do-or-die level of $7,500 earlier this day, which confirms that the fractal might end on up on the right side of history once again. 

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Beyond fractals     

Before Bitcoin surges to $8,000, there are some challenges ahead. The top cryptocurrency needs to break above $7,800 in order to complete an inverse head-and-shoulders (iH&S) pattern that could potentially open the door for another moonshot. 

Trader Josh Olszewicz recently tweeted that he felt "bottom vibes" on the daily chart, but the overall sentiment remained bearish since BTC remained below the Ichimoku cloud. That said, he doesn't rule out a significant move around Valentine's Day, which goes in line with the fractal posted by NebraskanGooner.    

Moving away from technical analysis, you can also count on the save haven narrative to add more fuel to the Bitcoin fire on the heels of the dramatic escalation of tensions with Tehran.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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