Bitcoin (BTC) has a 30% Chance of Hitting $17k by EOY – Crypto Analyst – Ethereum World News

In summary:

In the month of August, Bitcoin (BTC) has attempted to break the $12,000 resistance zone on four occasions. Two of the four attempts have been in the last 48 hours with Bitcoin pushing as high as $11,984 and $11,977 respectively.

If Bitcoin manages to break the $12,000 price ceiling and turn it into support, BTC increases its odds of retesting its 2019 peak of $14,000 and its 2018 peak value of around $17,200.

With respect to the latter price level, Timothy Peterson of Cane Island Alternative Advisors has stated that the odds of Bitcoin reaching $17k during the remainder of 2020 currently stand at 30%. Mr. Peterson made the comments via Twitter and was responding to an article that suggested that a BTC break above $12k would guarantee a push towards $15k $17k. Below is his Tweet providing the odds for Bitcoin.

Also to note, is that the $17k price was also an area of interest in MagicPoopCannons analysis of Bitcoin back in mid-May.

In his analysis, Magic had explained that Bitcoin had to first break $10,600 for BTC to have a chance at testing $14,000 and $17,000. He explained:

..if BTC can print a solid breakout here, and get above 10600, I think there is a very good chance that it will take out the 14,000 level, and rally all the way up to the projected target of 17,200.

As earlier mentioned, Bitcoin has attempted to break the $12,000 price ceiling on four occasions in the month of August. As a result, Bitcoins price movements have been printing an ascending triangle as seen in the screenshot below.

Further analyzing the daily BTC/USDT chart above, the following can be observed.

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Bitcoin (BTC) has a 30% Chance of Hitting $17k by EOY - Crypto Analyst - Ethereum World News

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