Bitcoin (BTC) Price Targets $14,000, Similar to Last Summer Price Action

News
Fri, 05/15/2020 - 12:24
Yuri Molchan
As Bitcoin floats in the $9,500 zone, a trader is expecting BTC to surge towards $14,000 based on the market structure reflecting what it was last July
Cover image via stock.adobe.com
Contents

Two months have passed since so-called Black Thursday when Bitcoin collapsed from the $7,400 zone to $3,800 and lost around fifty percent of its value within a day.

Since then, BTC has taken a month to fully recover to the level of the fall and another month to almost cross the $10,000 price mark.

While the king crypto is striving to reach $10,000, traders are offering their take on the short-term prospects of Bitcoin. One of them believes that BTC will head for $14,000 soon. Here’s why.

$12-$14k before a major correction

Trader ‘D.I.Y. Investing’ tweets that he notices similarities between the market structure last summer (when Bitcoin hit $13,000 on July 10) and the present market structure.

He expects the next destination for Bitcoin to be in the $12,000-$14,000 levels. The trader expects a major retracement to occur but first, he believes, a blow-off top needs to take place.

A trader going by the Twitter name ‘Rekt Capital’ has stated that bulls have managed to neutralize the sellside momentum for Bitcoin. However, on the chart he has shared, there is a Flag pattern, similar to the one after which the BTC price started declining in February.

“BTC needs to continue to maintain the highs like this, if it wants to challenge for a Flag breakout”

Related
Peter Schiff Slammed by Bitcoin Community Over Gold Being Inflation Hedge

‘Another chance to buy BTC at 7k’

Analyst and columnist Joseph Young also believes that Bitcoin will likely show a major decline soon. He expects the price to dump into the $7,000 area and says this would be a good opportunity to buy the dip.

Additionally, he believes that Bitcoin critic Peter Schiff will not lose a chance to take a jab at BTC when it happens.

“Bitcoin looking like it will present another opportunity to invest in the $7ks.”
“Also, Peter Schiff will go on a tweet spree, and that marks a pretty good bottom.”

‘Bitcoin is going to show a higher demand’

Financial and analytical agency Weiss Crypto Ratings expects Bitcoin to print a higher demand than it is currently showing, mainly thanks to the ongoing QE being conducted by the Fed Reserve.

A surge in demand will drive a surge in price, the agency believes.

“Bitcoin is possibly the scarcest asset ever known to humanity. Bitcoin's price going up is the only way to accommodate higher demand for it. The question is: will there be higher demand? With central banks pledging to print to infinity, the answer is a resounding YES."

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy