Cryptocurrency News

The Anonymous Analyst Hits Again With July’s Bitcoin Price: Next Target $16K In October

The anonymous analyst who has been spot on with his predictions of Bitcoin’s price so far continues to amaze. As we have crossed half of the month already, his current prediction appears to be more and more plausible. 

Bitcoin At $9,200 in July

Bitcoin’s price has been the subject of countless predictions over the past couple of years, especially when it’s as volatile as it is. One of them, however, seems to stand out. 

As Cryptopotato reported back in June, an anonymous analyst, who was correct to predict that the price would hit $5,300 in April appears to be almost right again. According to his prognosis, Bitcoin’s price in July would be around $9,200. btc preditiction

Now, it’s worth noting that during April, Bitcoin closed the month trading at around $5,300, exactly as per his prognosis. In July, the price already hit $9,300 but if we’re looking at it from the perspective of the end-of-month price, he might still be right. July has been a tumultuous month for the cryptocurrency market. 

Just about a week ago, Bitcoin was trading at around $13,000 before marking a sharp correction which brought its price down to its current levels of $9,800. If the downwards trajection continues, it won’t be much of a surprise if Bitcoin closes the month trading around the predicted price of around $9,200. 


So, What’s Next According To The Analyst?

The next target in his prediction is October when he expects for the price to reach $16,000. This means that Bitcoin would have to go up about 63 percent in the next two months. 

If history is any indicator, this might be completely possible. Back at the beginning of May, Bitcoin was trading at around $5,300 which is about 84% less than its current price. In other words, the cryptocurrency has proven that growth of the kind is more than possible. 

BTC/USD. Source: CoinGecko

However, the sharp decline in Bitcoin in the past week got a lot of people thinking of whether or not the bullish trend is reversing. 

From a technical perspective, there are a few key levels to watch. As we reported yesterday, important support levels include $9,000, $8,800, and $8,500. Nevertheless, Bitcoin recovered a bit since yesterday, breaching the resistance at $9,600 and is currently trading slightly above the resistance at $9,800. A positive signal would be for Bitcoin to break above the important psychological and technical barrier at $10,000 and reclaiming it once again. Further up, we can see resistance at $10,300, $10,600, and $11,000. 

In any case, it remains interesting to see whether or not the analyst will be correct once again, His targets after October are $29,000 in February 2020, $56,000 in July 2020, and $87,000 in November 2020. According to him, at that time, Bitcoin’s dominance will be only around 40%-46%, which is about 20% lower than its current levels, suggesting that altcoins would have blossomed. 

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