{"id":401108,"date":"2019-10-11T12:00:21","date_gmt":"2019-10-11T12:00:21","guid":{"rendered":"https:\/\/ktsl888.com\/?p=401108"},"modified":"2024-06-11T08:38:33","modified_gmt":"2024-06-11T08:38:33","slug":"bitcoin-price-may-have-begun-50-surge-to-12000-analyst","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/","title":{"rendered":"Bitcoin Price May Have Begun 50% Surge to $12,000: Analyst"},"content":{"rendered":"<p>On Friday morning, the <a href=\"https:\/\/ktsl888.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> market was subject to a bout of immense volatility, throwing off bulls. As <a href=\"https:\/\/ktsl888.com\/2019\/10\/11\/bitcoin-price-pumps-to-8800-plunges-by-5-in-rapid-succession\/\">reported by NewsBTC previously<\/a>, the price of BTC surged to $8,820 to dump to $8,350 just minutes later.<\/p>\n<p>Prominent trader Josh Rager took this as a sign that Bitcoin may be subject to a bearish reversal, one that may bring the cryptocurrency back to retest multi-month lows at $7,700, or maybe even lower.<\/p>\n<p>https:\/\/www.youtube.com\/watch?v=E2OMSJtKO6o<\/p>\n<p>Yet some analysts have still argued that the cryptocurrency market has held its upward momentum. In fact, one recently remarked that the leading digital asset may have the potential to top $12,000 by November \u2014 something that analysts last week would likely have thought near-impossible, or at least highly unlikely.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/ktsl888.com\/2019\/10\/08\/bitcoin-price-fractal-suggests-repeat-of-september-drop-is-7k-next\/\" data-wpel-link=\"internal\">Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next?<\/a><\/h6>\n<p>Here&#8217;s why they think Bitcoin can appreciate by nearly 50% by November.<\/p>\n<h2><strong>Bitcoin Ready to Trend Higher<\/strong><\/h2>\n<p>The analyst below recently noted that Bitcoin&#8217;s one-day chart has printed a strong technical signal that may be music to the ears of bulls \u2014 the Moving Average Convergence Divergence (MACD), a lagging trend-momentum indicator, has crossed into the green after a precipitous drop to oversold levels.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Moreover, those rises usually happen after bitcoin goes above the Bollinger Bands base line. <br \/>Wink-wink \u2013\u00a0we are above it now. <br \/>\ud83d\udc40<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTCUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTCUSD<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/rQCgFtrKYU\" rel=\"nofollow\">https:\/\/t.co\/rQCgFtrKYU<\/a><\/p>\n<p>&mdash; CryptoHamster (@CryptoHamsterIO) <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/69268224?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 11, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>They claim that such crosses &#8220;always were followed by price rises [previously],&#8221; before adding that Bitcoin has the potential to reach $12,000 by November. (It is important to note that the analyst&#8217;s mention of that price point was not an explicit target, but rather a somewhat likely potential scenario due to the strong MACD.) A move to $12,000 from current levels would imply a 45% upside.<\/p>\n<p>Sure, one indicator can&#8217;t be the nail in the coffin for bears. But, there is evidence to suggest that bullish crossovers on the daily MACD only greatly feed bulls.<\/p>\n<p>Previously, Bitcoin <a href=\"https:\/\/ktsl888.com\/2019\/08\/03\/technical-sign-hints-bitcoin-btc-could-surge-to-17000\/\">rallied by 52% to 61%<\/a> in the weeks after the daily MACD trended green in two cases earlier this year.<\/p>\n<h2><strong>Bulls Gaining Momentum<\/strong><\/h2>\n<p>Although $12,000 sure sounds lofty, there are a number of other technical indicators and chart patterns hinting that Bitcoin has bottomed and is poised to retake five figures.<\/p>\n<p class=\"svecc-content-banner-added\"><a href=\"https:\/\/twitter.com\/Sawcruhteez\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">Financial Survivalism<\/a> noted that Bitcoin\u2019s chart from the last week of September until now is eerily reminiscent of the textbook Wyckoff Accumulation pattern that technical analysis legend Richard Wyckoff identified in his studies. Survivalism argued that if \u201cthis current pullback (referencing the fall from $8,350 to $8,100) creates a higher low above $8,000, then I would consider [the Wyckoff Accumulation] confirmed\u201d. Should this bullish pattern play out in full, Survivalism suggests that Bitcoin will return above $10,000 in around a week\u2019s time.<\/p>\n<p>Separately, an analyst has <a href=\"https:\/\/ktsl888.com\/2019\/10\/06\/current-bitcoin-price-action-resembles-bottom\/\">suggested<\/a> that Bitcoin&#8217;s price action from late-September to now looks eerily like the bear market of 2018. Should BTC continue to follow historical precedence, it may retake $9,000, then $10,000 by next week.<\/p>\n<p>And lastly, a custom interpretation of the network total value to transaction ratio (NVT ratio) <a href=\"https:\/\/ktsl888.com\/2019\/10\/10\/nvt-top-and-bottom-indicator-signals-time-to-buy-bitcoin\/\">has shown that Bitcoin is in a long-term buy zone<\/a>, with the indicator implying that the cryptocurrency has bottomed.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/ktsl888.com\/2019\/10\/10\/why-bitcoin-price-should-retake-8600-to-maintain-bull-trend\/\" data-wpel-link=\"internal\">Why Bitcoin Price Should Retake $8,600 to Maintain Bull Trend<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>On Friday morning, the Bitcoin market was subject to a bout of immense volatility, throwing off bulls. As reported by NewsBTC previously, the price of BTC surged to $8,820 to dump to $8,350 just minutes later. Prominent trader Josh Rager took this as a sign that Bitcoin may be subject to a bearish reversal, one that may bring the cryptocurrency back to retest multi-month lows at $7,700, or maybe even lower. https:\/\/www.youtube.com\/watch?v=E2OMSJtKO6o Yet some analysts have still argued that the cryptocurrency market has held its upward momentum. In fact, one recently remarked that the leading digital asset may have the potential to top $12,000 by November \u2014 something that analysts last week would likely have thought near-impossible, or at least highly unlikely. Related Reading:\u00a0Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next? Here&#8217;s why they think Bitcoin can appreciate by nearly 50% by November. Bitcoin Ready to Trend Higher The analyst below recently noted that Bitcoin&#8217;s one-day chart has printed a strong technical signal that may be music to the ears of bulls \u2014 the Moving Average Convergence Divergence (MACD), a lagging trend-momentum indicator, has crossed into the green after a precipitous drop to oversold levels. Moreover, those rises usually happen after bitcoin goes above the Bollinger Bands base line. Wink-wink \u2013\u00a0we are above it now. \ud83d\udc40$BTC $BTCUSD #bitcoin https:\/\/t.co\/rQCgFtrKYU &mdash; CryptoHamster (@CryptoHamsterIO) October 11, 2019 They claim that such crosses &#8220;always were followed by price rises [previously],&#8221; before adding that Bitcoin has the potential to reach $12,000 by November. (It is important to note that the analyst&#8217;s mention of that price point was not an explicit target, but rather a somewhat likely potential scenario due to the strong MACD.) A move to $12,000 from current levels would imply a 45% upside. Sure, one indicator can&#8217;t be the nail in the coffin for bears. But, there is evidence to suggest that bullish crossovers on the daily MACD only greatly feed bulls. Previously, Bitcoin rallied by 52% to 61% in the weeks after the daily MACD trended green in two cases earlier this year. Bulls Gaining Momentum Although $12,000 sure sounds lofty, there are a number of other technical indicators and chart patterns hinting that Bitcoin has bottomed and is poised to retake five figures. Financial Survivalism noted that Bitcoin\u2019s chart from the last week of September until now is eerily reminiscent of the textbook Wyckoff Accumulation pattern that technical analysis legend Richard Wyckoff identified in his studies. Survivalism argued that if \u201cthis current pullback (referencing the fall from $8,350 to $8,100) creates a higher low above $8,000, then I would consider [the Wyckoff Accumulation] confirmed\u201d. Should this bullish pattern play out in full, Survivalism suggests that Bitcoin will return above $10,000 in around a week\u2019s time. Separately, an analyst has suggested that Bitcoin&#8217;s price action from late-September to now looks eerily like the bear market of 2018. Should BTC continue to follow historical precedence, it may retake $9,000, then $10,000 by next week. And lastly, a custom interpretation of the network total value to transaction ratio (NVT ratio) has shown that Bitcoin is in a long-term buy zone, with the indicator implying that the cryptocurrency has bottomed. Related Reading:\u00a0Why Bitcoin Price Should Retake $8,600 to Maintain Bull Trend Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":401111,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,2887,3504],"class_list":["post-401108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-market","tag-price"],"acf":[],"yoast_head":"\n<title>Bitcoin Price May Have Begun 50% Surge to $12,000: Analyst<\/title>\n<meta name=\"description\" content=\"On Friday morning, the Bitcoin market was subject to a bout of immense volatility, throwing off bulls. 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As reported by NewsBTC previously, the price of BTC\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-11T12:00:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T08:38:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/shutterstock_180605549-e83.jpg?fit=3000%2C2000\" \/>\n\t<meta property=\"og:image:width\" content=\"3000\" \/>\n\t<meta property=\"og:image:height\" content=\"2000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/\"},\"author\":{\"name\":\"Nick Chong\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/4c1114650d72d49c455452d2ce5c981a\"},\"headline\":\"Bitcoin Price May Have Begun 50% Surge to $12,000: Analyst\",\"datePublished\":\"2019-10-11T12:00:21+00:00\",\"dateModified\":\"2024-06-11T08:38:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/\"},\"wordCount\":520,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/shutterstock_180605549-e83.jpg?fit=3000%2C2000\",\"keywords\":[\"bitcoin\",\"market\",\"price\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/\",\"url\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/\",\"name\":\"Bitcoin Price May Have Begun 50% Surge to $12,000: Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-price-may-have-begun-50-surge-to-12000-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/10\/shutterstock_180605549-e83.jpg?fit=3000%2C2000\",\"datePublished\":\"2019-10-11T12:00:21+00:00\",\"dateModified\":\"2024-06-11T08:38:33+00:00\",\"description\":\"On Friday morning, the Bitcoin market was subject to a bout of immense volatility, throwing off bulls. 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