Bitcoin Price Correcting to $20K?
Current Tether Supply Suggests Bitcoin Price Is Correcting to $20,000
“According to popular crypto and equities analyst FilbFilb, Bitcoin price has undergone a structural shift for several reasons, he explained in his weekly newsletter.
The digital asset is consolidating near $11,800 (a resistance formed in Q1 2018) after bouncing off the double bottom at $9,500. This level now serves a strong weekly support and FilbFilb believes consolidation below resistance is a bullish indicator.
Bitcoin has broken above $12,000 four times in separate weeks over the last seven weeks and the price action within this zone is different from Q1 2018 as all attempts to surmount $11,800 were met with swift rejection.
Bitcoin’s market structure represents a bullish pennant with a “minimum target” aligning with the next important weekly resistance at $16,000. According to FilbFilb, this is a “multi month pennant, which is supported by the back breaking rejection of the lows found in 2018.” In 2018, retests of $12,000 consistently broke out the downside, where as in 2019 Bitcoin price action appears likely to make a strong upside move over the coming weeks.
The VPVR shows a void in price history above $12,000 and a sharp upside move to $14,000 would open the doors to price discovery. It’s unlikely that a move to or above $14,000 would induce selling as those holding a position at this level are probably not looking to sell. ”