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A prominent crypto trader Eric Choe, aka Mr. Swing Trade, believes that the Bitcoin price may be heading to the moon soon and sets the next BTC price target at $12,500.
After Bitcoin (BTC) surged over the $9,000 threshold on January 28, traders are expecting the leading Cryptocurrency to keep appreciating, however, some still believe that Bitcoin may reverse and hit the bottom.
Eric Choe, who works with analysis based on Elliot Waves, has shared a chart which shows that Bitcoin is on its way to reaching a higher level in the short term. Bullish on BTC, the trader names the $12,500 area.
‘The bottom for BTC has been in’
In his recent tweet, crypto trader BTC_Macro addresses those who believe Bitcoin has not reached the bottom yet and may still plunge as low as $1,000. He insists that, as per the charts, the bottom of the Bitcoin price is well behind us already and it has been obvious for months now.
“Sure, maybe the bottom isn’t in yet. Sure, maybe we’ll go to $1k. Sure, maybe $XRP will pump to $589. Sure, maybe Unicorns exist. However, as a trader I prefer reality – and it’s been obvious for MONTHS now that the bottom has been in. Trade what you see, not what you think!”
Bitcoin Is “Screaming” For a Massive Surge: Factors That Will Send BTC Price Surging Past $20K
According to cryptocurrency content creator The Moon, Bitcoin’s hash rate “just hit” a new all-time high at over 123 exahashes per second — an astronomically large number of hashes being computed each second to process BTC transactions.
This, he claims, is a clear sign that BTC is “screaming for a huge bull run leading into the halving,” referencing the sentiment that Bitcoin will surge into the block reward reduction event, which will result in a 50% decrease in the asset’s inflation.
“The Bitcoin hash rate JUST HIT a new ALL-TIME-HIGH! A whopping 123,011,832 TH/s!!! The $BTC fundamentals are screaming for a huge bull run leading into the halving! BULLISH!!”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency, especially when trading Crypto. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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