October is already here, and the price of Bitcoin is up for another prediction by the anonymous analyst who has accurately predicted the recent surge in Bitcoin. However, it seems almost impossible this time, as the forecast for October lies at $16,000. Bitcoin has to nearly double its value for this to take place.
Bitcoin has never been short of predictions, ranging from going down to zero or surging to $100,000 and even $1 million. As most of them might seem too far from reality, the anonymous analyst likes to hand reasonable price targets for the short term.
In a dull BitcoinTalk message from last January, the anonymous analyst published his prediction.
Since then, the two targets for April ($5,300) and for July ($9,200) had been spot on. The next one is for the current month of October – a price of $16,000 for one BTC. As the largest cryptocurrency by market cap is trading at $8,150 currently, this specific prediction seems like an immense stretch now. However, the price has been exploding numerous times before proving critics wrong.
The prediction for $16,000 this month might seem impossible, but it’s more than plausible. Even by looking only on the 2019 chart, Bitcoin has noticed several surges – starting the year at $3,700 and reaching a year-to-day high at $13,800 in June. Even if we look only June, for instance, the monthly low was at $7,600 while the high mentioned above was reached just three weeks later.
Predictions, Movements, and Technical Analysis
Since the analyst said that “the charts never lie”, we should take a closer look. The 200-day moving average is seen by many as the difference between a bull or bear market and it currently lies around $8,500. If Bitcoin plans to meet the above prediction, it will first have to break above the tough resistance line of the MA-200. The next major target would be the $9400 level. However, in its way to $16,000 Bitcoin will have to overcome the $13,880 high of 2019.
Whether or not October is the analyst’s first failed prediction is yet to see. It’s worth mentioning though that the reason why his predictions were accurate so far could be related to inside information, but this is only a speculation.
A possible connection with the largest Bitcoin whales who are supposedly moving the crypto markets might actually lead to another reached target. In order to do so, Bitcoin has to double its price in the coming 25 days.
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