Top Analyst Sets $9,000 Bitcoin (BTC) Price Target in Short-Term

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Tue, 03/03/2020 - 19:33
Alex Dovbnya
Bitcoin investor Alistair Milne is certain that the price of Bitcoin (BTC) could surge above $9,000 in the nearest future
Cover image via u.today

The Bitcoin (BTC) price has so far failed to touch $9,000 after numerous attempts. On March 3, the crypto king fell short of hitting this target, reaching an intraday high of $8,921. 

However, entrepreneur Alistair Milne believes that the cryptocurrency could surge above the aforementioned level due to a bullish formation.

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This Chart Shows Why New Bitcoin (BTC) Bull Run Is Just Getting Started

According to the chart posted by Milne, BTC is in the middle of forming a descending broadening wedge. It is generally believed to be a bullish reversal pattern since it highlights that buyers are ambitious enough to take control of the market even though sellers do now show signs of exhaustion. 

Milne determined his target by the highest point at which this pattern was formed ($8,990).     

image by @alistairmilne

Statistical data shows that traders should expect a bullish breakout from the broadening wedge in 79 percent of all cases. 

At press time, BTC is trading at $8,681 after experiencing a bout of volatility earlier today. As reported by U.Today, the leading cryptocurrency spiked 1.6 percent before giving up its gains. 

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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, can be contacted at alex.dovbnya@u.today.

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