Top Binance Trader Thinks This Comes Next for the Bitcoin Market
- Bitcoin is in limbo as of this article’s writing, stuck above the $10,000 psychological support and below the $10,500 resistance.
- Both bulls and bears have valid arguments at current.
- The bulls think that BTC continuously holding $10,000 lends to a high chance of appreciating.
- The bears think that a further loss in momentum in legacy markets, along with election uncertainty, will suppress Bitcoin.
- A top trader on Binance thinks that Bitcoin is primed to move higher in the near future.
- He joins many others in saying that BTC could hit the $20,000 resistance around the end of the year or start of 2021.
- The trader in question regularly posts profitable trades, with him clearly being a leading trader on Binance’s futures exchange.
Top Trader on Binance Thinks Bitcoin Will Soon Recover
Digital asset manager Logan Han believes that Bitcoin is primed to recover as opposed to retracing lower.
The top trader shared the chart below on September 10th with the caption, “my thoughts on how Bitcoin will play out in the coming weeks.”
The chart indicates that BTC’s bearish retracement has already bottomed as the coin holds a pivotal uptrend that originated in April/May. The chart also indicates that after consolidating between $10,000 for $12,000 for the coming months, Bitcoin will begin a rally towards $20,000 by the end of the year or start of 2021.
This is in line with what happened at the start of the previous macro bull market in 2015-2016. After surging, Bitcoin consolidated in a pivotal trading range, then began a parabolic ascent months later.
Logan Han is a prominent crypto trader that regularly posts profitable trades on his Twitter feed. Han has garnered over 4,000 followers after sharing a number of his tweets and ideas about the state of the global economy and crypto markets.
Chart of BTC's price action over the past three and a half years with analysis by crypto trader/economist Logan Han. Chart from TradingView.com
Not Only One Eyeing $20,000
He isn’t the only analyst eyeing a move towards $20,000 in the near future.
Senior commodities analyst at Bloomberg Mike McGlone wrote earlier this year on BTC’s potential to hit $20,000 in 2020:
“Bitcoin is mirroring the 2016 return to its previous peak. Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”
Others that think Bitcoin will reach its previous all-time high, then potentially establish a new one in the next three or four months include Arthur Hayes of BitMEX, Dan Morehead of Pantera, and Raoul Pal.
Photo by Hassan OUAJBIR on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Top Binance Trader Thinks This Comes Next for the Bitcoin Market
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Nick Chong, @Khareem Sudlow