Will Bitcoin Price Reach $16,000 by the End of October?

2019-10-28 15:54

Coinspeaker
Will Bitcoin Price Reach $16,000 by the End of October?

Bitcoin isn’t just the first major decentralized cryptocurrency but also the most popular with the largest market cap and price. Bitcoin also has the largest market dominance and is currently at 68%. Most importantly, however, the king coin a few days ago spiked in a very short time jumped from its low and disappointing levels somewhere around $7,500 and kept surging until its current levels above $9,400. With the new surge, the extremely bullish Bitcoin community regained its somewhat lost vigor and began its optimistic round of exciting predictions.

This recent turn of events seems to have reminded the market not just of the possibility of Bitcoin’s surge but past predictions. Making the rounds now is a Bitcoin bull prediction that was posted months ago on 4Chan. Originally published on the 21st of January this year, an anonymous user made a series of predictions for Bitcoin’s value from April 2019 to November 2020. According to the person, the month of October will end with Bitcoin at an impressive $16,000. In addition, there were other predictions about Bitcoin’s journey through 2020 as well.

According to the post, “the bottom was December 15, 2018. Just look at the charts. We are in the bull market. We are currently in the last 3 months of accumulation stage. After that, we slowly rise and rise. Then we will boom”.

There are the following figures in that prediction:

April 2019- BTC ~ $5,300July 2019 – BTC ~ $9,200October 2019 – BTC ~ $16,000February 2020 – BTC ~ $29,000July 2020 – BTC ~ $56,000November 2020 – BTC ~ $87,000

“This will be a 1.5 trillion market cap. The dominance of BTC will only 40-46%”, said the anonymous.

To the average member of the Bitcoin community, this is extremely amazing news and something to very much look forward to. Furthermore, it’s also interesting to note that so far, the predictions have been quite accurate. First of all, the Bitcoin price did hit a new bottom in December last year and dropped to about $3,100. In addition, the predictions for April and July have been great, with the latter even higher than the predicted $9,200 surpassed by $400. With the end of October just a few days away, people who have noticed the post making the rounds, can’t seem to wait to see if the predictions would come to pass.

Bitcoin’s recent price surge is thought by many to have been a direct result of the Chinese president’s proclamation about blockchain technology. President Xi Jinping during a Politburo Committee session, spoke about blockchain technology, urging people to “take blockchain as an important breakthrough for independent innovation of core technologies”, and do more with investments and clarification.

Regardless of all the great news and forecasts, not everyone thinks that it’s all bullish for the king coin from now. A tweet from analyst CryptoHamster has pointed out that Bitcoin’s current chart has a bit of a bearish divergence even as the price is spiking. The post also shows that Bitcoin’s Relative Strength Index (RSI) has dropped, suggesting that there’s the chance Bitcoin could quite easily fall below $9,000.

Even without signals shown by the RSI and the bearish divergence, Bitcoin has a not-so-great habit of ignoring forecasts and predictions, going ahead to chart its own trajectory. For now, Bitcoin’s proposed price levels as shown by the 4Chan user, seems to be the winning opinion. October 31st is just three days away.