One Binance Trader Believes Bitcoin Will Move Higher Soon

One Binance trader believes that bitcoin will move higher in the near-term once it surpasses the $10,000 psychological support as we are reading further in our Bitcoin news today.

Both bulls and bears have arguments for their cases right now as the bulls believe that BTC holding this level will lead to a high chance of increase, while the bears believe that more losses in the momentum legacy markets will suppress Bitcoin. One Binance trader believes that Bitcoin is primed to move higher. He joined others in saying that BTC could hit $20,000 resistance around the end of the year according to his posts on profitable trades. He is clearly the leading trader on Binance’s futures exchange. The digital asset manager Logan Han believes that BTC is primed to recover as opposed to retracing lower.

bitcoin daily chart
BTC 24-Hour chart (Source: Coingecko)

The top trader shared a chart showing that Bitcoin’s bearish retracement has already bottomed out as the coin holds a pivotal uptrend that started back in April and May. The chart also shows that after the consolidation phase between $10,000 and $12,000 for the coming months, Bitcoin will start a rally towards $20,000 by the end of the year. This coincides with what happened at the start of the previous macro bull market back in 2015 when Bitcoin surged but then consolidated in a pivotal trading range which initiated a parabolic ascent a few months later.

btc weekly chart
BTC 7-Day Chart (source: Coingecko)

Logan Han, a prominent crypto trader which posts profitable trades on his feed, garnered more than 4000 followers after sharing a lot of ideas about the global economy and the crypto markets. He Is not the only one that believes a move towards $20,000 is upcoming in the near future. The senior commodities analyst at Bloomberg Mike McGlone wrote that bitcoin has a potential to hit $20,000 in 2020:

 “Bitcoin is mirroring the 2016 return to its previous peak. Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”

Others believe that bitcoin will reach a previous all-time high and will potentially establish a new one in the next three months. Arthur Hayes of BitMEX is one of those who believe this prediction as well as Raoul Pal, and Pantera’s Dan Morehead.

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