108: $20,000: This Pattern Suggests Bitcoin Could Rally 135% in Coming Months | BTC News Today

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English - January 25, 2020 14:17 - 14 minutes - 7.15 MB - ★★★★ - 537 ratings
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Bitcoin Price to Target $11,500 in the Short Term Because Of These Simple Factors

TradingShot - a well-respected technical analyst on TradingView - explained in a recent post that he is closely watching a recently formed inverse head and shoulders pattern for insight into where the BTC price will go next. Based on this pattern, which he outlines, he believes that Bitcoin (BTC) will retrace towards $7,300 before rallying up to $11,500.

“I expect Bitcoin to retrace now back to roughly 7300 and price the top (inversed) of the Right Shoulder. Assuming the pattern is to a good degree symmetrical, I then expect a peak (before the May Halving) within $11000 – 11500,” he noted.

Analyst: Post-Halving Momentum Likely to Lead BTC to $20,000

TradingShot doesn’t believe that $11,500 is where Bitcoin’s 2020 rally will end, however, as he further goes on to note that post-halving momentum could lead the crypto to its previously established all-time highs around $20,000.