- Bitcoin price prediction expects a new YTD rally.
- Bitcoin price hits the $13821 level.
- BTC holding above $13800 and likely to hit $14000.
The king of cryptocurrency has just managed to hit the year to date high and it appears this is just the beginning of a new bullish rally. The simple chart is a telltale of the same as a reverse head and shoulder pattern is very clear on the chart. The new high was formed at $13821 and the king has reverted back to $13805 at the time of writing.
The reverse head and shoulder pattern is often seen before a nice rally above the second shoulder range. Bitcoin is likely to rally past the $14000 price mark as soon as the pattern completes.
Bitcoin price prediction: What the analysts expect?
In the past 24-hours cryptocurrency analyst Trading Shot is one of the major analyst signaling the new high in their predictions. The analyst furthers that the rally would become a Santa Rally only if the king manages to get past the $13865 mark.
Comparing the past years Trading Shot explains that BTC price managed to get past the $13800 barrier after spending time at the $5750 level for quite some time. He furthers that the king has historically spend only 39 days or about 5 weeks above the $13865 mark through out its history. A high above this mark is likely to change into a Santa Rally that takes the price above the $14000 mark.
Shot furthers that the moving average (green line on the chart) for 1500 days is marking the support on the 2018 December prices. While the moving average (yellow line on the chart) for 1000 days is marking the support on the 2019 December prices. He explains that the prices were since affected by the COVID-19 pandemic creating a new deviation based on the panic and selling patterns observed globally.
Moving past that point the analyst explains that if the BTC price continues to the trader on the moving average (blue line on the chart) for 500 days support levels it is very likely that we would see a new high soon.
Another cryptocurrency analyst on Trading View Project Syndicate is also of the view that the king is likely to rally past the $14000 mark and onto the $20,000 range.
The analyst explains that the king appears to be super bullish on the candle chart analysis while having cleared the strongest resistance at the $10000 mark. He furthers that the king has already discarded the Bitmex news rumor and the stock market losses already.
He furthers that there may be a slight pullback about 15 to 20 percent of the current price due to the US elections but the bulls would take the market and onto the $20000 to $22000 highs.
Lastly, analyst Marty Boots also explains that the king is moving in extremely bullish triangle channel that is likely to take the price to new highs. He explains that given that the king breaks past the resistance it can go as high up as $28000.
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