- Bitcoin price prediction analysts are hopeful for a $21000 high.
- Bitcoin price is fluctuating by a margin of $2000.
- Strong support persists near the $19000 mark.
The king of cryptocurrency took a huge dump costing about $2000 leap, making the pump and dump theory all the more certain for traders. The cryptocurrency king hit the new all-time high at $19920 only to walk into a flash crash to $18898 right after. The king managed to rise to the $19400 range in the same flash movement but only to fall to the $18600 and then further below to the $18251 range before rising back up to the $19400 range.
Although the flash crash and rise movement created a reverse head and shoulder pattern, the king was unable to recover, and at the time of writing, it has just come out of a head and shoulder movement. After more than one fall towards the $18400 range, Bitcoin price now seems to be stabilizing near the $18900 range. It seems all hope is not lost for traders and hodlers alike.
Despite the shaky movement, out of the 28 technical indicators, 17 are still giving a buy signal, nine standing neutral, while only two indicators give a sell signal. Simultaneously, the cryptocurrency fear and greed index is touching the yearly Greed high at a score of 95. Although the king is believed to be a major influencer on altcoin prices, it appears that the concept is also changing.
What do Bitcoin price predictions expect?
Despite the shaky movements, it appears that the king is still set to hit the expected all-time high at the $20000 and then the $21000 marks. Analyst trading explained in their Bitcoin price prediction that the king of cryptocurrency is moving in a bullish megaphone ascending channel set to increase price up towards the $21000 mark. Despite the minor setbacks on the Trading Shot chart, it is obvious that the king of cryptocurrency is still trading in the same channel.
The chart above shows a large inverse head and shoulder pattern formation that is coming into play, and if we consider that the right shoulder is never really identical to the left one, the price action towards $21000 is still in motion.
On the other hand, in his long-term Bitcoin price prediction, analyst Alan Masters expect that the king of cryptocurrency may go down as low as $13000 before finally going up. Still, the chances of that low figure are very slim at the moment.
Masters explains that nothing moves up in a straight line, not even the Bitcoin. He furthers that we would have the first half as a negative red going down within the month while the second half as a positive green going up. But as the general rule, if the bullish bias continues to be on top. He explains that the current price pullback is not a bad move but rather a waiting period where the Bitcoin may correct in the first few weeks of the month and then end up with big green again.
I can see some of the old analysts here on Trading View being happy and celebrating about their “free wait”.
Alan Masters, analyst
Masters compares the current price movement with October 2017 price movement when Bitcoin had a full-blown green candle shouting bullish signs to close at the $6434 mark. However, in the following month, a positive 9 on the TD sequential first took the Bitcoin price down before shooting it upwards. Cautious trading is the key to the current scenario.