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  • Bitcoin could rocket even higher in the near to medium term.
  • One analyst believes that $16,000 is in sight after BTC managed to flip $10,000 into support.
  • The analyst who made this assertion is the same one that predicted BTC would undergo a V-shaped reversal to $10,000 by May or June.

Bitcoin Could Soon Rocket Towards $16,000, Analyst Predicts

Bitcoin could rocket even higher in the near to medium term, analysts argue after the coin gained around $1,500 in a week. A prominent pseudonymous crypto-asset analyst shared the chart below just recently.

It shows that Bitcoin is currently on track to move towards the next macro level at $16,000 after it managed to flip $10,000 into support. $10,000 has long been an important level for the leading cryptocurrency, acting as a macro resistance and support on a number of occasions.

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The analyst who shared this chart is one that has been extremely accurate in the past. In March, he predicted that Bitcoin would undergo a V-shaped reversal to $10,000 by May or June. And just recently, prior to the latest leg higher, he shared charts indicating that BTC could move to $14,000 in October or November. We are doing so now.

Chart of BTC's price action since the middle of 2017 with an analysis by crypto trader and chartist Bitcoin Jack (@BTC_JackSparrow on Twitter).
Source: BTCUSD from TradingView.com

Whales Think So Too… Kinda

Whales seem to be preparing for the chance that Bitcoin shoots higher from here as it faces little order book resistance.

“Light,” a crypto trader that has been celebrated by individuals like Su Zhu of Three Arrows Capital, shared the chart below just recently. It shows that above Bitcoin’s price action, from $13,200 to $14,000, there is little order book resistance on OKEx in particular:

“OKEx futures orderbook asks being pulled/executed at market in last few days as BTC consolidates. A move above $14k in near term is increasing in probability.”

The chart shows that if Bitcoin moves higher from here, it will encounter little initial selling pressure on OKEx.

OKEx’s order book is especially important because many argue it is where many whales trade, especially those based in Asia. Asia has long had an outsized influence in the space due to its early adoption of Bitcoin and crypto.

Image

Chart of BTC's price action over the past few days with an analysis of the order book by crypto trader Light (@Lightcrypto on Twitter)
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analyst Who Predicted Bitcoin's Reversal to $10k Thinks $16k Is Next

 

source: https://bitcoinist.com/analyst-who-predicted-bitcoins-reversal-to-10k-thinks-16k-is-next/?utm_source=rss&utm_medium=rss&utm_campaign=analyst-who-predicted-bitcoins-reversal-to-10k-thinks-16k-is-next

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