Analyst: Bitcoin Price Rally Targets Between $12K and $22K Based on BitMEX History

The 2019 Bitcoin disbelief rally has recaptured some of the public frenzy and media attention experienced at the height of the last bull run, despite the next bull run barely beginning. The powerfully bullish momentum has crypto investors and analysts reviewing price charts hoping to figure out where the rally might end.

One particular swing trader believes that by analyzing historic price action on BitMEX, the targets for the parabolic Bitcoin rally can be predicted. The two take profit targets the trader has come up with, are $12K and $22K.

BitMEX Price Action Helps Trader Identify Take Profit Targets on Bitcoin Rally

Throughout the bear market, BitMEX became a clear market leader as one of the few cryptocurrency exchanges offering short-selling and leverage, allowing crypto investors to profit from the falling prices of cryptocurrencies across the board.

Related Reading | Crypto Analyst: Bitcoin Price Now Above Ideal Buying Zone, Shortest Duration Yet

Because so much price action occurred at the Seychelles-based trading platform, traders and analysts often look to BitMEX price charts to get an accurate read on the markets next movements.

According to former CME Group trading-competition winner Eric Choe, the take profit targets for Bitcoin price during the current rally, is between $12,600 and $15,100. The two prices would put Bitcoin price between the 0.5 and 0.618 Fibonacci extension. The second take profit level, the self-proclaimed swing trader says, is at $22,600 a price that would set a new all-time high for the leading cryptocurrency by market cap.

With a bull market all but confirmed, most crypto traders have switched into buy the dip mode. Choe says that the ideal zone to buy dips is between $5,200 and $6,300 where there is a significant volume confluence located.


But Will Bitcoin Even Dip With This Much FOMO in Crypto Markets?

This much FOMO has not been witnessed in the crypto market since the height of the crypto hype bubble in late 2017. The recent spike in Bitcoin has reignited interest across the board, from retail investors to institutions looking to gain their first exposure to the emerging asset class.

Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble

Such buying pressure has not allowed Bitcoin to fall more than 8% since the early April rally first began. Bitcoin was also able to stay strong in the face of last months accusations from the New York AGs office made against Bitfinex, and a hack of Binance among the crypto exchanges with the most trading volume.

Its FOMO that creates the sharp parabolic climbs that Bitcoin has become accustomed to. Its also FOMO that has helped the digital currency reach its all-time high in the past. Should Bitcoin break above


Featured image from Shutterstock

The post Analyst: Bitcoin Price Rally Targets Between $12K and $22K Based on BitMEX History appeared first on NewsBTC.

16.05.2019 / 18:20 13
Bitcoin Bulls Are Back: 40 Days of Uptrend Erases Nearly 8 Months of Bear Market Bitcoin Bulls Are Back: 40 Days of
As the bullish Bitcoin rally continues and shows no signs of slowing, the entire crypto market has erupted with charts, thoughts, and speculation.
Crypto Analyst: Break of Current Bitcoin Resistance Will Commence Bull Run Crypto Analyst: Break of Current
The recent Bitcoin rally through months-long resistance at $4,200 has re-ignited the crypto markets bullish fervor. After nearly a year and a half of
BitMEX CEO Accurately Called $5,000 Bitcoin in August, Is $2,000 Next? BitMEX CEO Accurately Called $5,000
Bitcoin has set a new low for 2018, and is now inching closer and closer to BitMEX CEO Arthur Hayes prediction that Bitcoin will reach $5,000. BitMEX
BitMEX CEO Arthur Hayes says Bitcoin Could Fall to $2,000 BitMEX CEO Arthur Hayes says Bitcoin
Today BitMEX released its BitMEX Crypto Trader Digest and Arthur Hayes used this opportunity to clarify his comments from earlier this week when he
BitMEX Downtime Crypto Pump: Manipulation in the Bitcoin Market? BitMEX Downtime Crypto Pump:
As cryptocurrency exchange BitMEX initiated its scheduled maintenance on August 22, the Bitcoin price surged by 4 percent, during a period in which
BitMEX CEO: Bitcoin Hasnt Seen the Worst, $5,000 Imminent Before Big Rally BitMEX CEO: Bitcoin Hasnt Seen the
On CNBCs Fast Money, BitMEX CEO Arthur Hayes reaffirmed his stance on the price of bitcoin stabilizing in the $5,000 region before initiating the
Comments (0)
Add a comment
Comment on