Bitcoin Predicted to Hit $15,800 in Medium-Term
As Bitcoin tries hard to maintain its bullish momentum above the $12,000 line, an analyst still believes the king coin will be breaking above the $15,000 level.
Josh Olszewicz, in his Monday tweet, depicted the Bitcoin uptrend on a popular trend channel tool known as Andrews’ Pitchfork. The chart expert said that the crypto coin might try for a bull run towards $15,800 because the said line assists as a median line of the Pitchfork.
Bitcoin is Prone to Soar
The official definition of Andrew’s Pitchfork tool says that the price is always prone to go towards the median line. Traders recognize the said line to define their long-term market bias; therefore, if the price goes above it, then the asset has a probability of continuing its upside run towards the Pitchfork’s top resistance trendline.
On the contrary, breaking below the median level indicates a fall towards the Pitchfork’s lowest support trendline. Olszewicz saw the Bitcoin price trading below the median line, but he also said that the cryptocurrency’s combative bounce made it more prone to test the mid-level than to drop towards the lowest support, as depicted in the image below.
“A potential new Bitcoin PF has emerged with anchor points in December ’18, June 19th, and March 2020,” said Olszewicz while showing the three pivots during the trend’s early phase. “The mid-line currently is near $15,800,” he added.
Bitcoin PF’s Downside Risks
The PF outlook also has Bitcoin at risk of correcting lower if it fails to break above its nearest trendline. As the illustration above shows, the price is very close to break its ascending resistance and plan an advance towards the median line. Still, its attempts have failed in the last few weeks.
BTC/USD, on numerous occasions, broke above the resistance trendline, but the moves ended up being a fakeout. At the same time, the two assets managed to get support at lower Pitchfork lines, which enhanced the cryptocurrency’s possibility of ascending to higher levels, even if it remains inside its current consolidation stage long-term.
In the meantime, Olszewicz’s illustration found $6,000 and levels above it as Pitchfork bottoms. Nonetheless, a possibility of Bitcoin dropping in price below its current support level could get it down to at least $6,000.
In spite of the PF suggesting a bias conflict, other pointers are still bullish about a bull run in the Bitcoin market. Blockroots co-founder Josh Rager indicated one in his Monday tweet, as it said that the Bitcoin price marked its weekly close above the $11,600 line, a previous resistance level that was maintained for numerous years.
“It is now holding as support so far,” he added. “If the daily can stay above $10,500 and weekly about $11,500 – should be a continuation to upside if so.”
Rager has previously talked about the likelihood of Bitcoin retesting its 2019 high near the $14,000 line.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.