Why a Fund Manager Thinks Bitcoin Will Rally 25% to $9,000 In One Month

Over the holiday season, Bitcoin (BTC) has stalled in the low-$7,000s, finding itself stuck between a rock and a hard place. Although some say that this is indicative of an impending return to the $6,000s, then the $5,000s, a prominent cryptocurrency-centric fund manager has asserted that the leading cryptocurrency is poised to retake $9,000 within a few weeks’ time.

Related Reading: Why Bitcoin Network’s Record 2019 Is Bullish For the Crypto Market

Bitcoin to Top $9,000 By End of January?

Su Zhu, the chief executive officer of forex and crypto fund Three Arrows Capital, recently remarked on Twitter that he believes Bitcoin’s price outlooking heading into 2020 is looking rather bullish.

The prominent industry commentator, who has penned some stellar articles about the Bitcoin space for his blog, noted that per his analysis of the BTC/USDT trading pairs and their premiums to BTC/USD markets and the overall price action with Bitcoin, there are “clear signs of accumulation and money flow back into risk.”

He thus concluded that he wouldn’t be surprised to see the leading cryptocurrency surpass $9,000 — 25% higher than current prices — before the end of January.

Related Reading: Early Bitcoin Adopter Throws Cold Water On Halving Narrative; Here’s Why

Other Indicators Suggest Strength Too

It isn’t only Bitcoin’s price action and the premiums seen with certain trading pairs that have analysts bullish.

Per previous reports from NewsBTC, in a recent edition of the “Decentrader” newsletter, prominent cryptocurrency trader FilbFilb — who called the latest move to the $6,000s in October and the late-2018 crash to $3,000 months before it took place — remarked that he thinks the one-month Bitcoin chart is starting to shape up bullish.

The prominent trader noted that Bitcoin’s clean, no-frills bounce off the low-$6,000s — a so-called Point of Control as marked by a long-term volume indicator — is rather bullish.

The mid-$6,000s, as his chart shows, is extremely important for Bitcoin on a macro basis, making the strong bounce off that level a positive sign for investors.

That’s not to mention that the Hash Ribbons, an indicator tracking the hash rate of the underlying Bitcoin network, recently printed a “buy” signal. This signal was last seen in the middle of January, months before BTC broke from $4,000 to $5,000, which created a domino effect pushing BTC to $14,000 by June, ending a 330% rally from the bottom.

Related Reading: China Continues Anti-Crypto Stance With Beijing Warning; Will it Work?
Featured Image from Shutterstock

     
 
 

Share this post