5 Traders' Bitcoin Price Predictions as BTC Breaks Out Over $20,000
Bitcoin pumped to an intraday high of over $20,400 Tuesday, closing a four hour candle above $20k and two above the October monthly open ($19,411).
Bitcoin is now up 3-4% this month, although most of that move took place in the last 24 hours - the Bitcoin price has largely been trading sideways for over 100 days since the yearly lows in mid June. Will Bitcoin recover higher, or is this move a fakeout / bull trap?
With Bitcoin's pump today many analysts have speculated on a short term Bitcoin price forecast:
Our resident CryptoNews analyst Jacob Bury sees the Bitcoin price potentially rallying higher to $27k where he expects it to be rejected on its first attempt to reclaim the 2021 lows ($28,700) as the overall macro trend is still bearish.
'#Bitcoin might be headed towards $27k, but we are still in a bear market, expect rejections. #cryptonews #btc #crypto'
That approximate Bitcoin price target is shared by many traders including DonAlt as we reported on earlier this month. DonAlt is expecting Bitcoin to hit $29,000 even if only as a bear market rally.
Members of Jacob Bury's Discord opened Bitcoin longs yesterday at the weekend when the weekly open was reclaimed and prominent crypto influencer @CryptoKaleo posted a bullish Bitcoin price prediction.
Jacob has focused more on new altcoins given the low volatility in the Bitcoin price.
Yesterday in his latest weekly market review stream, while the Bitcoin price was $19,300, TraderXO was similarly cautious and did not open a position on Bitcoin. He commented:
'Yes I do think there is a probability Bitcoin can go to $21k - $22k, maybe $23k for a really aggressive squeeze. You could probably punt a long here at this daily demand zone. Buyers have been stepping into the market at
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