{"id":415694,"date":"2020-02-23T17:00:01","date_gmt":"2020-02-23T17:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=415694"},"modified":"2024-06-11T11:54:19","modified_gmt":"2024-06-11T11:54:19","slug":"analyst-explains-bitcoin-vertical-to-17000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-explains-bitcoin-vertical-to-17000\/","title":{"rendered":"Analyst Explains Why Bitcoin Is About to Go Near-Vertical to $17,000"},"content":{"rendered":"<p>Over the past few days, Bitcoin has been flagging. Ever since it peaked at $10,300 on Wednesday, it has been mostly downhill, with the leading cryptocurrency falling off a cliff on that very same day to $9,250 in an extremely short period of time.<\/p>\n<p>Despite this bearish price action, which has been somewhat negated by a recent recovery to $9,900, analysts are extremely optimistic about the medium-term outlook for the crypto.<\/p>\n<p>In fact, one prominent analyst suggested that the coming months could see <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">BTC<\/a> surge towards $17,000, around 70% higher than the current price of the asset. This has been attributed to a convergence of positive technical signals on Bitcoin&#8217;s one-month chart, suggesting a bull trend is once again forming.<\/p>\n<h2><strong>Bitcoin Could Soon Go Near-Vertical Towards $17,000<\/strong><\/h2>\n<p>A trader going by Goomba, who sports a following of over 11,000,<a href=\"https:\/\/twitter.com\/im_goomba\/status\/27352576\" rel=\"nofollow\"> recently posted the below chart.\u00a0<\/a><\/p>\n<p>For those unaware, it depicts Bitcoin&#8217;s one-month performance as per data from Brave New Coin&#8217;s Liquid Index for BTC (BLX), which gives a broader look at the market than data from a single exchange.<\/p>\n<p>It shows that with its February candle, Bitcoin has begun to print an array of good signs: the one-month On-Balance Volume (OBV) reading is trending higher, the Stochastic Relative Strength Index (RSI) has flipped bullish and is trending positive after five months of a downtrend, and BTC recently exited a multi-month bull flag.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/pbs.twimg.com\/media\/ERdJPC_XsAA15Nr.jpg?ssl=1\" loading=\"lazy\"><\/p>\n<p>This confluence, Goomba suggested, gives the cryptocurrency a price target of $17,200 \u2014 73.7% higher than the current market price of $9,900. The chart indicates the cryptocurrency could trade at this price sometime in the coming three or four months.<\/p>\n<p>Goomba isn&#8217;t the first analyst to have suggested that Bitcoin will rise to near its previous all-time high extremely quickly.<\/p>\n<p>Per <a href=\"https:\/\/wncen.com\/2020\/01\/09\/bitcoin-surge-150-6-months-why-analyst-thinks-possible\/\">previous reports from NewsBTC<\/a>, Financial Survivalism, the trader who called Bitcoin&#8217;s January price action to a T, wrote an extensive TradingView analysis as to why he expects for BTC to retest its $20,000 high by July 1st.<\/p>\n<p>Backing this point, he cited a number of analysis factors: Bitcoin&#8217;s similarities to the $4,000 launchpad for the market in early-2019; the existence of a bullish Wyckoff Accumulation pattern; the strong buy signals suggested by the Ichimoku Cloud, Lucid SAR, and RSI; and much more.<\/p>\n<p>Also, <a href=\"https:\/\/wncen.com\/?s=Mike+Novogratz&amp;lang=en\">Mike Novogratz<\/a>, CEO of Galaxy Digital and a former partner at Goldman Sachs, recently told a mainstream media outlet that he wouldn&#8217;t be surprised to see Bitcoin trade near $20,000 by the time of the halving in May.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Over the past few days, Bitcoin has been flagging. Ever since it peaked at $10,300 on Wednesday, it has been mostly downhill, with the leading cryptocurrency falling off a cliff on that very same day to $9,250 in an extremely short period of time. Despite this bearish price action, which has been somewhat negated by a recent recovery to $9,900, analysts are extremely optimistic about the medium-term outlook for the crypto. In fact, one prominent analyst suggested that the coming months could see BTC surge towards $17,000, around 70% higher than the current price of the asset. This has been attributed to a convergence of positive technical signals on Bitcoin&#8217;s one-month chart, suggesting a bull trend is once again forming. Bitcoin Could Soon Go Near-Vertical Towards $17,000 A trader going by Goomba, who sports a following of over 11,000, recently posted the below chart.\u00a0 For those unaware, it depicts Bitcoin&#8217;s one-month performance as per data from Brave New Coin&#8217;s Liquid Index for BTC (BLX), which gives a broader look at the market than data from a single exchange. It shows that with its February candle, Bitcoin has begun to print an array of good signs: the one-month On-Balance Volume (OBV) reading is trending higher, the Stochastic Relative Strength Index (RSI) has flipped bullish and is trending positive after five months of a downtrend, and BTC recently exited a multi-month bull flag. This confluence, Goomba suggested, gives the cryptocurrency a price target of $17,200 \u2014 73.7% higher than the current market price of $9,900. The chart indicates the cryptocurrency could trade at this price sometime in the coming three or four months. Goomba isn&#8217;t the first analyst to have suggested that Bitcoin will rise to near its previous all-time high extremely quickly. Per previous reports from NewsBTC, Financial Survivalism, the trader who called Bitcoin&#8217;s January price action to a T, wrote an extensive TradingView analysis as to why he expects for BTC to retest its $20,000 high by July 1st. Backing this point, he cited a number of analysis factors: Bitcoin&#8217;s similarities to the $4,000 launchpad for the market in early-2019; the existence of a bullish Wyckoff Accumulation pattern; the strong buy signals suggested by the Ichimoku Cloud, Lucid SAR, and RSI; and much more. Also, Mike Novogratz, CEO of Galaxy Digital and a former partner at Goldman Sachs, recently told a mainstream media outlet that he wouldn&#8217;t be surprised to see Bitcoin trade near $20,000 by the time of the halving in May. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":415696,"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":[12872,428,1155,4078],"class_list":["post-415694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12872","tag-bitcoin","tag-bullish","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>Analyst Explains Why Bitcoin Is About to Go Near-Vertical to $17,000<\/title>\n<meta name=\"description\" content=\"Over the past few days, Bitcoin has been flagging. 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