Bitcoin has faced a slight reversal since the highs of $11,750 set a number of days ago. The <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin currently trades for $11,350 as of this article’s writing, 3.4% below the highs.
Analysts remain optimistic despite the price reversal. One historically accurate analyst that has called a number of pivotal movements in the Bitcoin price said that the cryptocurrency is primed to hit $12,000 as we enter the second half of October. The cryptocurrency could continue even higher to new year-to-date highs by the end of the month, the analyst said.
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Bitcoin Primed to Hit $12,000, Historically Accurate Analyst Says
Bitcoin is primed to move toward $13,000 by the end of the month, a crypto-asset trader recently stated. He shared the chart below, which suggests that the asset is currently forming an “ABC” Elliot Wave pattern that will result in this trading range breaking upward:
“Expecting rangebound price action for a couple of days to eventually expand in to end of the month I’m bullish – this idea invalidates below 11.2K.”
The analyst that made this prediction is the same one that predicted in the middle of 2018 that the asset