Bitcoin has been strongly underperforming Ethereum over recent days. The former is up around 6% while the latter has gained in excess of 30%.
While some commentators see BTC’s inability to rally in pace with ETH as a bearish sign, some beg to differ.
The same analyst who predicted the price at which Bitcoin would bottom in 2018 is now saying a breakout to $10,000 is highly possible.
This rally would be part of his larger thesis of expecting a rally towards $14,000 later this year as bulls finally step in.
Bitcoin Could Surge Even Higher, Analysts Say
Bitcoin is readying to surge towards $10,000 as bulls step back into the crypto market’s proverbial driver’s seat, analysts say. Referencing the chart below, the analyst remarked:
“#btc still slowly grinding up while alts pump, exactly as planned. when btc breaks 10.5k is when the alt party stops imo. until then carry on longing your longs folks.”
Chart of Bitcoin’s recent price action with analysis by @SmartContracter (on Twitter). Chart from TradingView.com
This is the same analyst who predicted six months before it happened that Bitcoin would hit $3,200 at the bottom of the 2018 bear market. At that time, this prediction was deemed remarkable because few expected the asset to drop that low.
Some have been even more optimistic than the analyst mentioned above.
Another analyst who made an extremely accurate macro call said that Bitcoin is primed to hit $17,000 this year, then likely $20,000:
“A fair amount of ‘19/20 Bitcoin accumulation is happening by whales who bought the alt bottom My $BTC best guess for remainder of year: Parabolic 17K rally as alts hit distribution range followed by market wide shakeout, retest of 10.5K and grind to ATH Result: uber rektness.”
This optimism was based on a number of trends, which are as follows:
BTC is potentially trading in a Wyckoff Re-Accumulation, which is a textbook bullish pattern seen in the middle of uptrends.
BTC is trading as the Nasdaq did from 2008 onward, suggesting a move higher in the months ahead.
Whales and long-term holders are accumulating at current levels.
Boosted by Gold
What seems to be one of the biggest tells that BTC is entering an uptrend seems to be the price action of gold, analysts have suggested.
Over the past few months, gold has shot higher as certain geopolitical relationships have deteriorated as money printing has become prevalent. Gold now trades just $20 shy of its all-time high price of $1,920.
Bitcoin stands to benefit from that rally as there is a forming correlation between the two markets.
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analyst Who Predicted BItcoin’s 2018 Bottom Thinks $10k Is Inevitable