TradingShot Says Bitcoin Indicator Shows It Will Hit $20,000 By Next Year
Despite Bitcoin undergoing a short-term price decline, analysts have noted the two major indicators that suggest the token price could hit $20,000 in the next bull run.
According to the analysis platform, TradingShot, Bitcoin is well placed to undergo a bullish run that will see it touch its highest price for the year again. In its assessment, the firm said that following a technical pattern that has predicted the coin’s movement in the last two years, it is well placed to reach $20,000.
Furthermore, it said that the coin does not need validation from any individual or outfit as it has shown how good it is looking at it from the price angle.
Bitcoin trying to break above the Hyperbola level
Giving its review, TradingShot pointed out the Hyperbola; a long arc that has always shown the resistance figure of the flagship cryptocurrency since the middle of 2019. Furthermore, the firm claims that Bitcoin has tried on numerous occasions to break above the Hyperbola since the year began, with its last trial coming on November 5 this year.
Another technical determinant that has given the Hyperbola strength is the Pitchfork, a technical factor that acts as the coin’s support level during its surge period. According to the firm, the two levels are now in unison, which spells well for Bitcoin.
The firm also says that the Pitchfork set up possessed identical fractals, which is a good thing. The technical indicators show that the diagonal Fibonacci levels show a swing between a high level of $13,800 and a low of $3,850.
The levels have been the driving force behind the coin, providing it support as it is still trying to break above the Parabola resistance. A statement by the firm said that every time Bitcoin tries to break above the Parabola, it ends up with a price decline.
Bitcoin to undergo decline run before surge to $20,000
The firm has said that the token’s recent price crash in March was not due to the digital asset trying to break above the Parabola. Now the trading outfit says that traders need to keep their eyes on the trend line from the bottom.
Presently, the combination of the Parabola and Pitchfork readings has shown that Bitcoin might undergo a little price correction in the coming days as it is expected to trade around the $15,000 to the $12,000 region.
After this has been reached, TradingShot notes that Bitcoin will, from there, trigger a massive uptrend that will see it place well above the $20,000 mark. However, TradingShot has warned that the bullish move might rest close to the Parabola whenever Bitcoin tries to touch the Hyperbola, but he claims that when it does, it will continue a move above the $20,000 region. Presently, Bitcoin is trading around the $15,500 price region.