Bitcoin recently recorded one of the greatest daily price moves in the history of its existence. This came after several weeks of sideways movements at $8,000 and a sudden drop to $7,300.
The asset gained 42% within 24 hours making it the third-largest daily gain in the price history. The bounce which raised Bitcoin to $10,500 momentarily has left the crypto community wondering where the price is going next.
An anonymous “prophecy” given on 4chan suggests BTC is yet to complete the bullish move as it places the price of the asset at $16,000 by the end of October. With only three days left until the end of October, one may wonder if the prediction is likely to come true. It may be difficult to give a direct answer, but the same prediction has been fairly accurate for earlier months in 2019.
According to the prediction, December 15, 2018, was the bottom and BTC price was to be $5,300 and $9,200 by April and July respectively. As of 30 April, the price was $5,321 and 31 July, it was over $9,800. These months were in the middle of the bullish surge which took BTC from $3,000 to almost $14,000 though, a situation that is quite different from the current.
However, the accuracy of the past and technicals of the asset point to a possibility for the price to meet the target. Bitcoin currently trading at $9,367 is way above the resistance for this week which is at $9,100. Having broken the resistance, there are only two possibilities left for the week. BTC could reverse back to $8,500 support or push up to the next stop which is $11,000.
The market data shows that there is a full reversal from a bearish to a bullish trend. A breakthrough in the weekly resistance of $9,880 could propel bitcoin to over $10,000.
More Room to Grow
Bitcoin’s recent massive move should have led to an overbuy for BTC, this typically places the Relative Strength Index (RSI) at 70%. However, the RSI is still in the mid 60’s meaning there is more room for the cryptocurrency to rise and it’s not ready for a pullback yet.
According to the market movement, $16,000 by the end of October may not be impossible as the RSI is still neutral. The community will just have to wait and see what happens but BTC may be giving another surprise if it manages to stay above the support lines.