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Bitcoin Rally to Head to $1M? $75-85K More Likely According to Rager
Bitcoin Rally to Head to $1M? $75-85K More Likely According to Rager

Will Bitcoin Head Back to $9000?

 

Bitcoin was off to a great start this January. The month started with a rally has started which affected not only Bitcoin but altcoins as well. Bitcoin's price climbed from $7228 on January the 1st and broke $9000 resistance yesterday. It seems that the momentum has cooled down for now and the markets have retraced by a bit. Bitcoin is currently trading at $8651 currently and volatility seems relatively low in the short term.

It seems that Alistair Milne's previous prediction was correct. The current retracement seems like a minor correction not a change of trend. We could see Bitcoin testing upper resistance levels yet again in the near future.

Recently a known analyst and co-founder of Blockroots, Josh Rager elaborated his opinion on Bitcoin's next all-time-high. His opinion echos that of Tone Vays, who also had a conservative 2020 prediction. He voiced his feelings on the cryptocurrency.

$BTC Unpopular Opinion: The next Bitcoin peak high will not be as high as most people think Lots of analysis out there point from $100k to $300k to $1M Simple rate of return will show you bottom to peak return reduces by around 20% each cycle IMO, next high hits $75k to $85k.

He also explained the recent market retraction claiming:  $BTC pullbacks should be expected The important thing to keep an eye on is the market structure and the trend change Price would likely bounce at low $8ks Unless price made its way down past $7700, I wouldn't worry

We decided to have a look at the charts and see if there is any truth to Rager's claim.

 

20 January 2020 weekly BTC review

20 January 2020 weekly BTC review by Senin on TradingView.com

As we've seen from last few weeks development, Bitcoin's price is perfectly following our charts. We are experiencing correction of at least 38% from last bullish run. So we can reach 8000 level easily before bulls will do it again

Weekly Momentum is so strong and beautiful. I think it will smash 1D correctional phase very quickly and we will be back on Long positions again.

Keep an eye on major support and resistance levels. Any confirmation above or below them with a daily candle will be signaling us if we can enter this market again.

It seems that we could see Bitcoin back at $9000 soon and perhaps Rager will be right again.

 

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Written by Jonathan Ganor

Writer & cryptocurrency aficionado

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