- Chart analysts currently seem to agree that the Bitcoin price is in a very good position for a pump to USD 13,000 as a result of the current rebound.
- Investor legend Dan Tapiero predicts a long-term rise in the price of Bitcoin to between $50,000 and $100,000.
After the Bitcoin price showed a strong rebound from the fall to around $11,100 yesterday, the mood in the crypto market seems more bullish than ever. The rebound after the USD 12,000 fall by USD 900 illustrates the strength that the bulls have built up over the past few weeks. With a current price (at the time of writing) of USD 11,515, Bitcoin is in a very good position to test the USD 12,000 mark again and subsequently higher levels.
As some analysts are currently pointing out, Bitcoin’s price has formed a strongly bullish formation. As explained by analyst “IncomeShark”, among others, the Bitcoin price has formed an ascending triangle, with both the upper and lower borders of the pattern being confirmed several times.
In particular, this is also true of Tuesday’s drop in value, when the $11,100 mark confirmed the lower boundary of the ascending triangle. Therefore, if BTC continues to validate this pattern, the price could rise significantly in the coming weeks, as the analyst stated:
$BTC still is bullish. Green zone is where I think we’ll chop before breaking up to $13,000. Some possible wicks above and below but overall the trend is up and longing dips is still my preferred strategy.
— IncomeSharks (@IncomeSharks) August 12, 2020
The analyst “HornHairs” noted that a permanent breakthrough above the USD 11,550 mark is significant from a chart technical point of view. He notes that sustained trading above this level could open the gates for another breakout over the $12,000 mark:
Took out the highs then took out the lows into demand, all within the range of the candle that started the month with a HTF retest. Above the pivotal zone and swing high at $11550 and we should have another crack at breaking $12k.
Investor legend predicts Bitcoin price to range from USD 50,000 to USD 100,000
Meanwhile, investor legend Dan Tapiero, co-founder of DTAP Capital, Gold Bullion International and other companies, has also shared an extremely bullish forecast for Bitcoin via Twitter. Tapiero wrote that Bitcoin’s logarithmic chart indicates that the price could rise 5 to 10 times, which could ultimately mean a BTC price of $50,000 to $100,000:
Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.
I think because we are “valuing” it within the context of what other asset classes are worth today and vs what it could be worth (given a set of certain macro fundamentals)in the next 5-10 years. I also think about how much money it would actually cost to build Btc from scratch.
Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run.
Just breaking up NOW.
Should last a few years as 2.5yr consolidation is fantastic base for catapult up.
Break of old highs will have explosive follow through. Time to sit and be patient.
— Dan Tapiero (@DTAPCAP) August 11, 2020