October is here, and the price of Bitcoin is up for another prediction by the anonymous analyst who accurately predicted Bitcoin’s recent surge. However, this month’s prediction seems unlikely to hold, as the analyst’s forecast for October was $16,000. Bitcoin would have to nearly double in value to reach that price.
Bitcoin has never been short of predictions, which have ranged from zero to $100,000 and even $1 million. Although most have seemed far from reality, the anonymous analyst has offered reasonable price targets for the short term.
In a dull BitcoinTalk post last January, the analyst published their predictions.
Their targets for April ($5,300) and July ($9,200) have been spot on. The next one is for the month of October – a price of $16,000 for one bitcoin. As the largest cryptocurrency by market cap is trading at $8,150 currently, this particular prediction seems like an immense stretch now. However, the price has exploded numerous times, proving critics wrong in the process.
This month’s prediction might seem impossible, but it’s more than plausible. In 2019 alone, Bitcoin has experienced several surges – starting the year at $3,700 and reaching a year-to-date high of $13,800 in June. That came just three weeks after the June low of $7,600.
Predictions, Movements, and Technical Analysis
Given that the analyst said that “the charts never lie,” we should take a closer look at them. The 200-day moving average is viewed by many as the difference between a bull or bear market, and it currently lies around $8,500. If Bitcoin plans to meet the above prediction, it will first have to break above the tough resistance provided by the MA-200. The next major target would be the $9,400 level. However, on its way to $16,000, Bitcoin would have to surpass the 2019 high of $13,880.
Whether or not October will bring the analyst’s first failed prediction has yet to be seen. The accuracy of their predictions thus far could be related to inside information, but this is mere speculation.
A possible connection with the largest Bitcoin whales who are supposedly moving the crypto markets might actually lead to another reached target. In order to do so, Bitcoin would have to double in price in the coming 25 days.