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Despite Recent Pullback, Traders still Expect Bitcoin To Hit $16K Before The End Of July

On July 10, 2019, TradingShot, stocks and crypto trading platform via a chart analysis on TradingView explained how bitcoin will surge to $16,000 this month. The prediction is based on the fact that since late April, bitcoin’s price has maintained the same pattern with three phases which has gotten it to where it is today.

Bitcoin Retraces After Attempting to Surge Past $12,000 Again

As of press time, bitcoin is trading around $10,455 after declining from $11,800 on July 12, 2019, at 22:09 UTC+ 01:00. What’s more intriguing is that the virtual asset had retested a $13,000 price level on July 10, 2019, which is the second time this year after its first sometime in June. There were a whole lot of expectations at the time that it can take down 2019’s high of $13,700.

However, TradingShot has let the crypto community in on what will possibly be bitcoin’s performance this month. According to them, the mere fact that bitcoin surged again past $12,400 is an indication that the bullish trend has been restored.

Recurrence Pattern

As explained in their analysis, TradingShot believes that since late April 2019, when bitcoin began a significant leap in its price, the same pattern with three phases has been exhibited. These are the Parabolic Rise, Inverse Head and Shoulders, and Channel Up as depicted in a chart they shared throughout Phase 1, Phase 2, and Phase 3 respectively.

While expatiating on what each of these Phases meant, TradingShot said Phase 1 (Parabolic Rise) usually triggers bitcoin to surge until it hits a peak. Phase 2, on the other hand, causes the rally to deflate or pull back which is evident in a sharp dip and consolidation. Finally, is the Phase 3 (Channel Up) which like Phase 1, helps to push the bitcoin price to a new peak. 

Bitcoin Completing Phase 2, Expect Phase 3

How does the logic above apply to the current cycle? To answer the question, TradingShot outlined that we are completing Phase 2’s pullback pattern while at the same time, we have already begun trading within Phase 3. Similarly, the current cycle in its parabolic rise and Inverse Head and Shoulders is even more aggressive than the last cycles.

That being the case, TradingShot has come to the conclusion that the Channel Up that will see bitcoin spike to a new peak will also be more aggressive than its predecessor. And when that happens, it will possibly push bitcoin’s price higher to $16,000 this July.

TradingShot isn’t alone on this stance, a lot of people are extremely bullish about bitcoin. Forbes, for instance, in its post on July 10, 2019, stated that if Bitcoin surges past $14,000, then it is heading straight to $20,000.

In the same vein, Andy Cheung, head of operations at OKEx, a Malta-based cryptocurrency exchange on May 27, 2019, stated that $20,000 is a conservative prediction for Bitcoin price in 2019.

What’s Your Thought On This?, Let Us Know In the Comment Section Below.

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