Price Analysis

Bitcoin Price Analysis: Like 2016, Crypto Winter May Mean Otherwise for September

Ratio Creator: Bitcoin Two MA about to Cross, Significant Market Moves Expected

Crypto traders now have the fractal they yearn for after a long moribund period that kept Bitcoin hovering around $10K. Even though it isn’t a plus, it gives analysts a better sight in predicting short term possible occurrence in the market.

In the last 24 hours, the market dunked to its lowest in about three months as Bitcoin crossed $9,500 to $9,400, allowing billions get expunged from the market.

After climbing up slightly to $10,250 yesterday, Bitcoin slopped down by about $700 within an hour.

The market situation was addressed by a reputed crypto analysts, who claims to have unbiased opinion, Crypto Hamster, saying it is a Déjà vu.

Bitcoin Huge Pull-Back May Mean a Pump in September

Nevertheless, the whole scenario is being painted with another outlook on Tradingview. After comparing two previous identical trends displayed by Bitcoin in the past, trader ‘TradingShot’ on Tradingview averred that the present consolidation, if history repeats itself, would lead us to another massive pump in September.

In January and September 2016, Bitcoin displayed the same consolidation around 1D MA50 with the present trend, and this happened at the start of 2016 Bull Market.

Bitcoin bull september

Image Credit: TradingView

TradingShot affirmed that the three scenarios went through similar price action which began with a slightly aggressive parabolic run. The slight pump ended with a cross beneath 1D MA50 and a triangle patterned consolidation around MA50 followed.

While a downward MA50 curved got initiated, the pullback relied on 1D MA200 as a solid support. A 16% decline from the MA50 top in both previous scenario ended the pull-back and Bitcoin arrived the final bottom.

TradingShot afterward declared that if the same principle play out this time, it is clear that we are very close or already at the bottom of the current consolidation and September would be a boom period.

“Interestingly enough the Gaussian Channel turns red right after the bottom also signalling the end of the consolidation”, TradingShot stated.

Bitcoin bull september 2

Bitcoin bull september 3

Image Credit: TradingView

Michael Novogratz Believes Bitcoin Is Headed For $20,000

During an interview with Bloomberg yesterday, the chief executive of Galaxy Digital, Michael Novogratz, aired his belief that Bitcoin is headed for its previous all-time high value.

Novogratz said the fact a number of institutions are beginning to embrace cryptocurrency will help drive up Bitcoin’s price.

 “I’m not selling the next time we hit $14,000. The second time we reach that level, [there may be] a move to $20,000. I don’t expect this to happen in the next few weeks: I don’t expect it to the middle or the end of the fourth quarter. But the next wave will come when the institutions — the state of X, Texas Teachers Union, and those guys — come in, and then you will see Bitcoin hit $20,000 and higher,” Novogratz stated.

Today's Gazette Telegram

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

Don’t miss any of our crypto news, Join our Telegram | Facebook | Twitter.

About the author

Khalid Lawal

Lawal Khalid is an avid entrepreneur and a peace advocator. He takes time developing expertise in journalism, and he has significant contributions at Arianna Huffington's Thrive Global, Oracle Times, Coin Gape and a host of other notable news publications.

Owing to his long time interest in innovative technology, Lawal cut into the blockchain world, and he has been unearthing meaningful investigation as well as noteworthy blockchain researches.

Khalid sits at the helm of NewsLogical.com as a full time journalist and a senior market analyst.

Email: lawal.khalid@newslogical.com

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *