This Is Why Bitcoin Will Reach New Highs This Month

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This Is Why Bitcoin Will Reach New Highs This Month

Bitcoin Will Hit $13,000 Very Soon

Bitcoin is having a solid rally this year, there is no doubt about that. The combination of technical conditions, growing acceptance globally, and an upcoming halving are supporting the world’s leading cryptocurrency. Over the last few weeks the coin has topped the $8,000 level and entered a consolidation that bears all the hallmarks of a continuation pattern. I’m going to go out and say it. Simply based on the technical aspect it looks very likely Bitcoin will reach $13,000 and possibly as quickly as the next four weeks.

The weekly chart is what has me really excited. The chart shows a solid move up from lows set earlier this year. Over the past three months the momentum within the market has accelerated, creating a series of long green candles. To put the candles in perspective, they are the largest candles since early in 2020 and show a high degree of market engagement with price action. The last four weeks, especially now that this week’s candle is nearly formed, look like a nice little flag pattern within a rising up trend. If so, if confirmed, this pattern could easily lead to a quick $5,000 in price gains.

The risk of course is that resistance at the current high will keep prices from moving higher. This resistance is near $9,000 and may be quite strong. The mitigating factor is the indicators. The indicators are consistent with a consolidation within uptrend but still very bullish. MACD in particular is showing an extreme peak coincident with the latest high in prices. This is a sign of market strength that will result in a retest of the high and probably a new high to boot. Once resistance is broken, however, I think there will be another inflow of cash to the market and that will drive price up to the $13,000 level.

The daily chart is equally bullish. This chart shows an asset recovering from a price correction within an uptrend. Current price action is moving higher, in line with a shift in momentum, that is likely to result in a test of resistance if not a move to new highs. Stochastic has already fired a bullish entry signal so upward momentum is expected. MACD has not yet confirmed the move but, if it does, and it coincides with a breakout, a substantial move higher is likely to follow.

The reason is simple. Bitcoin, at the core of the issue, is a technical asset. It’s value is based on what the market thinks it’s worth and right now that worth is on the rise. The charts look very good so this will attract new and more money to the market and that in turn will fulfil the self-fulfilling prophecy of technical analysis.

Bitcoin To Reach New Highs? Not So Fast!

A growing number of Bitcoin analysts are sounding the alarm about the need for the flagship cryptocurrency to prove its worth during the current financial crisis. They assert that now is the time for the decentralized asset to prove its resiliency amid an increasingly unstable global economy.

Global Conditions Open the Door For Big Gains

Tone Vays, a long-time Bitcoin maximalist, has tweeted a video from last June where he sounded an alarm about the rapid price increase to over USD $13,000. Vays noted at the time that such quick value jumps usually led to major corrections:

Flashback: June 2020 when $BTC hit $13,800 – “I didn’t think it was possible to drop back down to $3,000 but I do now” –@UglyOldGoat1 – “I can see a prolonged #Bitcoin Bear Market for 6-9 Month”
For full video �� https://t.co/EllkLEpEHl pic.twitter.com/fOTjdFgOT6

— Tone Vays – TheFinancialSummit.com (@ToneVays) March 28, 2020

The key takeaway from this video is that Vays at the time asserted that in 6-9 months Bitcoin should start to recover from any price drop. Now is the time, of course, for such a recovery to begin yet the flagship cryptocurrency has yet to rally. It is worth noting that Vays remains extremely bullish on Bitcoin’s future, but seems hesitant to predict a major value spike any time soon.

Peter Brandt, who has a long record of pushing Bitcoin’s bullish potential, now insists that a “perfect storm” has now formed for Bitcoin to emerge as a key global asset. He has tweeted:

For BTC, this is the perfect storm.

If Bitcoin cannot rally on this, then crypto is in BIG trouble.

Brandt was even more direct on March 26th, when he replied to a question about Bitcoin’s potential by noting that the cryptocurrency has very little time to prove itself

I do not personally think BTC even has that much time to declare itself true or false

Bitcoin Will Prove Itself Through Use, Not Speculation

Whereas market analysts may debate the technical data that may or may not indicate a price recovery, the fact remains and development and adoption will ultimately decide Bitcoin’s fate. The cryptocurrency remains a work in progress and is still largely a speculative asset. Until large numbers of consumers use it for its designed purpose, which is as a digital currency, its value will continue to be extremely volatile.

The same, of course, holds true for altcoins. All blockchain projects are still far from complete, and investment in any should be primarily based on research into their potential for mass use. Some hold far more promise than others in this category.

The current economic problems cascading across the world do hold great promise for Bitcoin to demonstrate its worth as a safe haven for assets. It also can demonstrate its value as an inflation-proof decentralized currency. Bitcoin has long survived previous challenges, and its decentralized architecture has remained. This fact will not change if it fails to move up in value in the coming weeks.

Do you think the Bitcoin price will reach its all-time high anytime soon? Let us know.

Image via Bitcoinist Media Library, Twitter: @ToneVays

Bitcoin To Reach New Highs? Not So Fast!

A growing number of Bitcoin analysts are sounding the alarm about the need for the flagship cryptocurrency to prove its worth during the current financial crisis. They assert that now is the time for the decentralized asset to prove its resiliency amid an increasingly unstable global economy.

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Global Conditions Open the Door For Big Gains
Tone Vays, a long-time Bitcoin maximalist, has tweeted a video from last June where he sounded an alarm about the rapid price increase to over USD $13,000. Vays noted at the time that such quick value jumps usually led to major corrections:

Flashback: June 2020 when $BTC hit $13,800 – “I didn’t think it was possible to drop back down to $3,000 but I do now” –@UglyOldGoat1 – “I can see a prolonged #Bitcoin Bear Market for 6-9 Month” For full video https://t.co/EllkLEpEHl pic.twitter.com/fOTjdFgOT6
— Tone Vays – TheFinancialSummit.com (@ToneVays) March 28, 2020

The key takeaway from this video is that Vays at the time asserted that in 6-9 months Bitcoin should start to recover from any price drop. Now is the time, of course, for such a recovery to begin yet the flagship cryptocurrency has yet to rally. It is worth noting that Vays remains extremely bullish on Bitcoin’s future, but seems hesitant to predict a major value spike any time soon.
Peter Brandt, who has a long record of pushing Bitcoin’s bullish potential, now insists that a “perfect storm” has now formed for Bitcoin to emerge as a key global asset. He has tweeted:

For BTC, this is the perfect storm.
If Bitcoin cannot rally on this, then crypto is in BIG trouble.
— Peter Brandt (@PeterLBrandt) March 27, 2020

Brandt was even more direct on March 26th, when he replied to a question about Bitcoin’s potential by noting that the cryptocurrency has very little time to prove itself

I do not personally think BTC even has that much time to declare itself true or false
— Peter Brandt (@PeterLBrandt) March 26, 2020

Bitcoin Will Prove Itself Through Use, Not Speculation
Whereas market analysts may debate the technical data that may or may not indicate a price recovery, the fact remains and development and adoption will ultimately decide Bitcoin’s fate. The cryptocurrency remains a work in progress and is still largely a speculative asset. Until large numbers of consumers use it for its designed purpose, which is as a digital currency, its value will continue to be extremely volatile.
The same, of course, holds true for altcoins. All blockchain projects are still far from complete, and investment in any should be primarily based on research into their potential for mass use. Some hold far more promise than others in this category.
The current economic problems cascading across the world do hold great promise for Bitcoin to demonstrate its worth as a safe haven for assets. It also can demonstrate its value as an inflation-proof decentralized currency. Bitcoin has long survived previous challenges, and its decentralized architecture has remained. This fact will not change if it fails to move up in value in the coming weeks.
Do you think the Bitcoin price will reach its all-time high anytime soon? Let us know.

Image via Bitcoinist Media Library, Twitter: @ToneVays

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