Bitcoin rate growth starts in August 2020. This is are the bullish prediction today that was given by the following traders as MMCrypto, Tone Vays, Crypto Zombie, Tyler S, and Davincij15.
Davincij talks about his favorite pattern in the shape of the letter W again. And his friend Chris explains that the signal for growth is not just the movement of the chart along a trajectory similar to the letter W. It is important that the second low is slightly higher than the first, this is a sign that that the price is preparing to rise to the next level.
As for the immediate targets, Davinci found another W-pattern on the 4-hour chart, and from it, he predicts an increase slightly above $ 12,000, or more precisely $ 12,043.
And despite the fact that BTC price is now being adjusted, the chances for the implementation of this forecast remain.
The maximum level of growth that is possible in the wake of the current uptrend is $ 12,600. And from this point, Davincij will expect a serious correction. At the same time, he maintains a forecast for a month or more ahead that Bitcoin will get to $ 15,000. But he notes that this will not be an easy way and the rate rollbacks can be significant.
Tone started his forecast with a monthly chart. At the moment he sees it as very bullish, moving towards $ 14,000 and could refresh the 2019 high. It is clear that August has just begun, but the situation on the chart is exactly the same. All very well for the bulls and on the weekly chart, where the trader was waiting for a close above $ 11,000 as confirmation of an uptrend.
But the game begins when we see on the 4-hour chart. Bitcoin remained at support above $ 11,000. For Tone Vays, this is a signal that we will see a parabolic rally and reach $ 14,000 by the end of the summer.
There is some bad news, after such a frenzied growth we will face a serious pullback, possibly back to $ 11,000.
And here we note for ourselves, as for skeptics, that there have already been two forecasts, and no one has yet said about the possibility of returning to $ 10,000, let alone below this mark. So we get to the point that cheap BTC will never be again.
According to Crypto Zombie, the main current resistance level is $ 11,500. It is important that we close above this mark on the weekly chart.
At the moment, we have an uptrend line that acts as a support and the price may want to correct to it, dropping to $ 11,200. But there is another important point, namely, a buy signal, which indicates the beginning of extremely fast growth.
And then Crypto Zombie drew a “double bottom” pattern on the chart, aka the letter W, which worked well before falling from $ 12,000, and now we see a similar picture.
But if you look at the current situation on the chart more globally, you can see the formation of another double bottom.
To what heights Bitcoin will fly if this pattern is fulfilled, the trader decided not to specify. But obviously this is a nod to growth towards at least $ 14,000.
Tyler claims that his video was worth watching before August 10, otherwise, then Bitcoin will shock all of us. He began his analysis of the chart with indications of the current price of $ 11,600. By closing the week above this level, we will set a new weekly high from January 2018.
Also, by the end of July, we closed above the resistance level.
And this is an extremely important point because other investors and traders look at this signal and for them, it means the beginning of a global upward trend. And that means it’s time to bring money to the market.
Tyler went on to draw parallels with Bitcoin’s exit from the bear market in 2013 and 2014. The course has been moving for almost two years in an ascending channel with constant pullbacks, but still gradually approaching a new maximum. And after the price of $ 1,157 was reached again in February 2017, explosive growth began. Now, we are at a similar stage in the market cycle and bitcoin is gradually moving in the channel, getting closer and closer to updating the current high of $ 20,000.
But this time things may be a little different. A successful close of this week will give an opportunity to rise above $ 12,000 and then we have virtually no resistance.
Therefore, even before the end of this year, the price of bitcoin may rise to $ 15,000, and a new parabolic growth will start from about this point.
Chris believes that the current break through the channel and a new move to $ 12,000 is not fake, and further growth awaits us. His argument is based on the fact that Bitcoin is in a bull market. As he believes it is, it always demolishes serious resistance with large price spikes. This was the case in 2019 and Chris believes that we have a very good chance of repeating this situation. This means that Bitcoin is about to exceed $ 12,000.
And now the main forecast of this article, according to which Bitcoin has confirmed an uptrend, which will allow the price to rise above $ 20,000.
The thing the trader demonstrates is related to the stock market, but why shouldn’t he work for Bitcoin as well.
There are five phases A, B, C, D, E, which show how an asset moves from a bearish market to a bullish one. And for Bitcoin, we see very clear hits in all these phases, even the story with the collapse in March due to the coronavirus fits into the current picture on the chart.
Therefore, Chris believes that now Bitcoin has only one way towards a new high in price, and the higher we go, the less trading volumes are on the way, and, therefore, there will be no strong sales.
It looks very convincing, even though this is just technical analysis and on the chart, many often see what they want to see. But in today’s support, all five guests are set to continue growing.