{"id":403058,"date":"2019-11-01T20:00:05","date_gmt":"2019-11-01T20:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=403058"},"modified":"2024-06-11T13:33:39","modified_gmt":"2024-06-11T13:33:39","slug":"analyst-bitcoin-more-likely-to-surge-50-to-14000-than-fall","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-bitcoin-more-likely-to-surge-50-to-14000-than-fall\/","title":{"rendered":"Analyst: Bitcoin More Likely to Surge 50% to $14,000 Than Fall"},"content":{"rendered":"<p>Over the past few days, <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> (BTC) has found itself in a lull. This is for good reason; after a 42% surge in under 24 hours, it makes sense for the cryptocurrency market to want to take a breather.<\/p>\n<p>Despite the fact that it makes sense for Bitcoin to see a period of calm and a slight retracement after a monumental surge higher, some analysts have flipped bearish, believe it or not.<\/p>\n<p>In fact, as <a href=\"https:\/\/wncen.com\/2019\/10\/24\/bitcoin-price-bottom-mid-november-6500-analysis\/\">reported by this outlet previously<\/a>, one trader expects for BTC to enter the high-$6,000s or low-$7,000s in the coming weeks. The idea here is that that region is where there exists a confluence of technical levels: the 0.5 Fibonacci Retracement of the $3,200 to $14,000 move, the bottom of a descending channel, amongst other important levels.<\/p>\n<p>But, with the candle for the month of October <a href=\"https:\/\/wncen.com\/2019\/10\/31\/bitcoin-monthly-candle-to-close-around-9300-bullish-or-bearish\/\">recently closing relatively strong<\/a> above $9,000, some say it is only a matter of time before the crypto market continues to mount higher, potentially to kickstart the second phase of this ongoing bull cycle.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/10\/31\/bitcoin-pump-halloween-prophecy-of-asuka\/\">Will a Surprise $7K Bitcoin Pump on Halloween Fulfill the Prophecy of Asuka?<\/a><\/h6>\n<h2><strong>Bulls Readying to Push Bitcoin Higher<\/strong><\/h2>\n<p>Trader HornHairs has noted that he &#8220;likes the chance we hit $14,000 before $7,000.&#8221; But why, exactly, does the trader expect Bitcoin to surge higher by 55% from the current price of $9,200 over the alternative scenario of a collapse to $7,000.<\/p>\n<p>Well, it has much to do with where Bitcoin has just bounced from and where it closed October. He remarked in a recent tweet that with Bitcoin bouncing strong and holding above the one-month bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle, the Point of Control as defined by the volume profile, and the yearly pivot, BTC is leaning rather bullish.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/10\/31\/bitcoin-mining-firm-study-shows-29-of-us-clueless-as-to-how-money-works\/\">Bitcoin Mining Firm Study Shows How Clueless People are About Money<\/a><\/h6>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> Monthly confluence<\/p>\n<p>+1M bullish breaker<br \/>+.618 retracement<br \/>+Volume Profile HVN\/PoC<br \/>+Yearly Pivot<br \/>+Inside bar fakeout<\/p>\n<p>I like the chances we hit $14,000 before $7,000. <a href=\"https:\/\/t.co\/0l1VlDAmA0\" rel=\"nofollow\">pic.twitter.com\/0l1VlDAmA0<\/a><\/p>\n<p>&mdash; HornHairs \ud83c\udf0a (@CryptoHornHairs) <a href=\"https:\/\/twitter.com\/CryptoHornHairs\/status\/06353921?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 31, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2019\/10\/31\/make-it-or-break-it-time-for-bitcoin-rally-in-jeopardy-if-support-is-lost\/\"> Make It Or Break It Time For Bitcoin, Rally In Jeopardy If Support Is Lost<\/a><\/h6>\n<h2><strong>Fundamentals Support Crypto Growth<\/strong><\/h2>\n<p>The fundamentals support the growth of Bitcoin.<\/p>\n<p>On Wednesday, Jerome Powell, the Chairman of the Federal Reserve, revealed that the Federal Open Market Committee has <a href=\"https:\/\/wncen.com\/2019\/10\/30\/federal-reserve-cuts-rates-by-0-25-bullish-for-bitcoin\/\">lowered its benchmark funds rate by 0.25%<\/a> (25 basis points) 5o a range of 1.5% to 1.75%. This is the Federal Reserve\u2019s third cut this year.<\/p>\n<p class=\"svecc-content-banner-added\">While expected,\u00a0it is believed that dropping interest rates, which equate to liquidity injections into financial markets, benefit the largely \u201crisk-on\u201d Bitcoin, along with the U.S. market.<a href=\"https:\/\/video.foxbusiness.com\/v\/6066321285001\/#sp=show-clips\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow noopener noreferrer\">\u00a0Speaking to Fox Business<\/a>\u00a0earlier this year, known cryptocurrency analyst Tom Lee said the following on rate cuts:<\/p>\n<blockquote>\n<p dir=\"ltr\">\u201cBitcoin\u2019s becoming increasingly a macrohedge for investors against things that could go wrong. Rate cuts are adding liquidity. Liquidity is pushing money into all these risk assets and also hedges, which is helping Bitcoin.\u201d<\/p>\n<\/blockquote>\n<p>Aside from fundamentals, we&#8217;ve seen the blockchain pass a key milestone. As\u00a0<a href=\"https:\/\/twitter.com\/yassineARK\/status\/94493697\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">pointed out by Yassine Elmandjra<\/a>, a crypto asset analyst at markets research\/fund management firm ARK Invest, the Bitcoin network has now seen $1 billion worth of transaction fees paid. Cumulative fee revenue may not mean much in and of itself, so here\u2019s a way to put it that may put this statistic into perspective:<\/p>\n<p>Tuur Demeester, the founding partner of Adamant Capital, framed this statistic best when he\u00a0<a href=\"https:\/\/twitter.com\/TuurDemeester\/status\/75096326\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">wrote on Twitter <\/a>the other day that this effectively means that \u201c$1B funding the world\u2019s strongest firewall.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/10\/31\/bullish-for-bitcoin-analyst-warns-of-growing-motives-for-global-de-dollarisation\/\">Bullish for Bitcoin? Analyst Warns of Growing Motives for Global De-Dollarisation<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Over the past few days, Bitcoin (BTC) has found itself in a lull. This is for good reason; after a 42% surge in under 24 hours, it makes sense for the cryptocurrency market to want to take a breather. Despite the fact that it makes sense for Bitcoin to see a period of calm and a slight retracement after a monumental surge higher, some analysts have flipped bearish, believe it or not. In fact, as reported by this outlet previously, one trader expects for BTC to enter the high-$6,000s or low-$7,000s in the coming weeks. The idea here is that that region is where there exists a confluence of technical levels: the 0.5 Fibonacci Retracement of the $3,200 to $14,000 move, the bottom of a descending channel, amongst other important levels. But, with the candle for the month of October recently closing relatively strong above $9,000, some say it is only a matter of time before the crypto market continues to mount higher, potentially to kickstart the second phase of this ongoing bull cycle. Related Reading: Will a Surprise $7K Bitcoin Pump on Halloween Fulfill the Prophecy of Asuka? Bulls Readying to Push Bitcoin Higher Trader HornHairs has noted that he &#8220;likes the chance we hit $14,000 before $7,000.&#8221; But why, exactly, does the trader expect Bitcoin to surge higher by 55% from the current price of $9,200 over the alternative scenario of a collapse to $7,000. Well, it has much to do with where Bitcoin has just bounced from and where it closed October. He remarked in a recent tweet that with Bitcoin bouncing strong and holding above the one-month bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle, the Point of Control as defined by the volume profile, and the yearly pivot, BTC is leaning rather bullish. Related Reading: Bitcoin Mining Firm Study Shows How Clueless People are About Money $BTC Monthly confluence +1M bullish breaker+.618 retracement+Volume Profile HVN\/PoC+Yearly Pivot+Inside bar fakeout I like the chances we hit $14,000 before $7,000. pic.twitter.com\/0l1VlDAmA0 &mdash; HornHairs \ud83c\udf0a (@CryptoHornHairs) October 31, 2019 Related Reading: Make It Or Break It Time For Bitcoin, Rally In Jeopardy If Support Is Lost Fundamentals Support Crypto Growth The fundamentals support the growth of Bitcoin. On Wednesday, Jerome Powell, the Chairman of the Federal Reserve, revealed that the Federal Open Market Committee has lowered its benchmark funds rate by 0.25% (25 basis points) 5o a range of 1.5% to 1.75%. This is the Federal Reserve\u2019s third cut this year. While expected,\u00a0it is believed that dropping interest rates, which equate to liquidity injections into financial markets, benefit the largely \u201crisk-on\u201d Bitcoin, along with the U.S. market.\u00a0Speaking to Fox Business\u00a0earlier this year, known cryptocurrency analyst Tom Lee said the following on rate cuts: \u201cBitcoin\u2019s becoming increasingly a macrohedge for investors against things that could go wrong. Rate cuts are adding liquidity. Liquidity is pushing money into all these risk assets and also hedges, which is helping Bitcoin.\u201d Aside from fundamentals, we&#8217;ve seen the blockchain pass a key milestone. As\u00a0pointed out by Yassine Elmandjra, a crypto asset analyst at markets research\/fund management firm ARK Invest, the Bitcoin network has now seen $1 billion worth of transaction fees paid. Cumulative fee revenue may not mean much in and of itself, so here\u2019s a way to put it that may put this statistic into perspective: Tuur Demeester, the founding partner of Adamant Capital, framed this statistic best when he\u00a0wrote on Twitter the other day that this effectively means that \u201c$1B funding the world\u2019s strongest firewall. Related Reading: Bullish for Bitcoin? Analyst Warns of Growing Motives for Global De-Dollarisation Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":403059,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428],"class_list":["post-403058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin"],"acf":[],"yoast_head":"\n<title>Analyst: Bitcoin More Likely to Surge 50% to $14,000 Than Fall<\/title>\n<meta name=\"description\" content=\"Over the past few days, Bitcoin (BTC) has found itself in a lull. 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