Eerily Accurate Analyst Thinks Bitcoin Could Hit $20,000 in the Next 3 Months

Bitcoin has finally started to show weakness after recovering from last weekend’s flash crash. After falling as low as $10,500 last weekend, the leading cryptocurrency surged as high as $11,950 before retracing. As of the time of this article’s writing, BTC trades for $11,500, sliding to this critical level from the aforementioned highs. The retracement […]
Nick Chong
Posted by Nick Chong August 8, 2020 2 Mins Read
Bitcoin has finally started to show weakness after recovering from last weekend’s flash crash. After falling as low as $10,500 last weekend, the leading cryptocurrency surged as high as $11,950 before retracing. As of the time of this article’s writing, BTC trades for $11,500, sliding to this critical level from the aforementioned highs. The retracement […]
  • Bitcoin has finally started to show weakness after recovering from last weekend’s flash crash.
  • After falling as low as $10,500 last weekend, the leading cryptocurrency surged as high as $11,950 before retracing.
  • As of the time of this article’s writing, BTC trades for $11,500, sliding to this critical level from the aforementioned highs.
  • The retracement for Bitcoin has been bearish, especially considering it was rejected at $12,000 again.
  • Some remain optimistic that Bitcoin bulls are in control, though.
  • One historically accurate analyst that predicted BTC’s macro price action is still optimistic.
  • He shared in a recent TradingView analysis that the flagship digital asset could hit $25,000 in the next three months.

Bitcoin Could Hit $25,000, Says Eerily Accurate Crypto Analyst

Bitcoin’s price action may seem unpredictable, but there are some commentators that have mastered the art of doing the impossible. One such individual is a pseudonymous trader known as “PentarhUdi,” who shares his thoughts via TradingView.

He predicted Bitcoin would bottom around the $3,000s in December, then bounce to ~$15,000 by the middle of 2019, drop to the $6,000s by late 2019, then begin a parabolic uptrend.

While the pandemic-induced drop in March threw a wrench into his plans, everything else came to be.

PentarhUdi now predicts that Bitcoin could hit $20,000 or even higher in the next three months. Referencing the chart below, the analyst wrote:

“This is not more than 4 months prediction, as I spotted new bullish channel . According to my idea price may reach ATH area in 2 months with following some triangle-like consolidation. For EW lovers – I think price is in starting local III wave with all 3rd-wave-specific bullish drama around. Wave length is around 2 months.”

Chart from TradingView.com

Far from the Only Optimist

Although $20,000 in two/three months is on the high-end of the prediction spectrum, there are many other optimists sharing similar sentiment to PentarhUdi.

Mike Novogratz, a former Goldman Sachs partner and current CEO of Galaxy Digital, sees Bitcoin hitting a new high this year. Telling CNBC in an interview last week how Federal Reserve and central bank money printing will boost scarce assets, he said:

“Great bubbles usually end with policy moves… It doesn’t look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus. Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin.”

The calls for a new high by the end of 2020 have been echoed by other market participants. These include BitMEX chief executive Arthur Hayes, Pantera Capital’s two co-CIOs, and many pseudonymous traders on Twitter.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Eerily Accurate Analyst Thinks Bitcoin Could Hit $25,000 in the Next 3 Months
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