Cane Island Alternative Advisors’ Timothy Peterson has predicted that If Bitcoin Price goes above $12,000 its chances of surging as high as $17,000 this year is only 30 percent.
The alternative advisor made this prediction after reports that claimed once Bitcoin breaks it $12,000 resistance and surges beyond that level, it is guaranteed the crypto king would hit $15,000 or $17,000.
Peterson in another tweet explained that the probability of Bitcoin hitting an all-time high this year is between 10 to 18 percent. He premised the prediction on his research, titled “Bitcoin Spread like a Virus,” which said Bitcoin’s long-term price is affected by its long-term growth rate.
Amidst the high volatility in the crypto market, Peterson said the price will ultimately tend toward value and the number of users will drive the price, which will follow a growth function.
Bitcoin price $12,000 resistance
In the last two weeks now, Bitcoin price has failed to break past $12,000. When it continued to surge and was to hit $12,000 hallmark, the crypto was sold so much that the price remained below $12,000. Reportedly, on the second day of August, Bitcoin selling pressure was so intense that Bitcoin went down to sub $11,000 before settling at $11,071.
10 days after, the selling pressure materialized the day after as the price went back to $11,392 afterwards the crypto slowly surged and trades now at $11,855. Cama 2020 of controversies in the daily chart, a clear ascending triangle can be seen, a resolution of which could be an upside that will turn $12,000 as Bitcoin’s new support, said Ethereum World News.
MaicPoopCannon Bitcoin price analogy
MagicPoopCannon, another analyst also predicted that a breakout for Bitcoin above $10,600 could likely make Bitcoin go past $14,000 all the way to $17,200.
The analyst drew an analogy to explain his prediction. Talking about times BTC has tested the falling black trendline. When it happened the first time in 2017, there really was no “trendline” but it was a sharp peak.
Again, he explained when it was tested in 2019, there were sharp pivot reversals back to the downside. Then, BTC spent a bit more time at it in February, before ultimately plummeting to the downside. Now, he says a few months later, at the falling black trendline — only this time, we’re spending even more time testing it. So, there is clearly an increase in the time that BTC is spending around this trendline, and that could be an indication of an upcoming breakout. Furthermore, he says that BTC did break above it a few times. So, that is also noteworthy.
Bitcoin hitting $17,000 could only happen if $12,000 is ultimately broken. For this to happen, some analysts think a consolidation at the current levels should first take place. In a recent report, Bitcoin’s consolidation at $9,000 for two months provided the momentum to take out $10,000 with considerable volume on July 27.