Bitcoin Likely Approaching $11,000: Analyst

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At least e analyst believes, based on historical data, that Bitcoin is going to continue its recovery past $10,000 and into the $11,000 range. Rob Sluymer, a chart analyst for Fundstrat, told Bloomberg that the numbers work out that way.

$11,000, then $27,000?

Fundstrat’s Tom Lee, conversely, believes that Bitcoin will see a radical recovery, to new all-time-highs of at least $27,000, by June. Lee has previously been wrong about such things.

Sluymer says that Bitcoin is in a “textbook re-acceleration,” but his call is relatively modest with Bitcoin standing at around $9,800. It seems a question of when, not if, Bitcoin retouches $10,000 and beyond.

But are the days of the $20,000 BTC near at hand? Despite what Lee and others have predicted, that requires the market to make the demand. Without a genuine increase in demand, a huge increase in price, on the order of 100%, seems less than likely. Nevermind the even crazier predictions of some. The market needs to come back into fashion for things to get wild again.

How does Bitcoin become popular again? Simply having a few price movements is no longer enough to make the major headlines. Bitcoin needs a use case, a financial tragedy that only BTC can solve. It needs to be “Bitcoin to the rescue” and then we might expect a major uptick in demand.

The halvening is an event that some expect to raise the price, but historically those price increases haven’t been extreme. If the price stands at $12,000 at the time of the halvening, for example, the most you might expect is an uptick to $15,000, over the course of a few weeks.

How Much Is A Halvening Worth?

But things could be different this time. In crypto, you never do know.

Where does Bitcoin go from $11,000? Does it simply hold there?

Sluymer believes the long-term trend for the year is good. He has been right before, becoming bearish at the beginning of Bitcoin’s bear market in June of last year.

Bitcoin traded for over $9800 at time of writing. The cryptocurrency was experiencing a volume of over $30 billion on average every twenty-four hours. Volume will be much higher when the price advances to the $20,000 range, at least this time around. There are many more markets that trade Bitcoin against stablecoins like Tether.

The inferred action is to “buy the dip,” and pick up Bitcoin while it’s cheap. This is not financial advice, of course, but it’s not a bad way to make money.

All predictions have to take into account that crypto markets can just be insane because they feel like it. The bottom could fall out of the Bitcoin price today, and it could shed $1,000 overnight. In the stock market this would signal a serious problem with the underlying company, but in the case of Bitcoin it’s just another day at the market.