In November 2017, we had placed a price target on Bitcoin of 10K when it was trading in the 8K range. We were looking at various factors such as transaction and mining activity at the time. Bitcoin had skyrocket from 8K and surpassed the 10K price target at the time. After a major retracement going into 2018, Bitcoin had sold off to 7K territory and everybody began to freak out essentially. Visionary on the other hand was following the fundamentals and it appeared to be a healthy correction in our opinion. We have begun to see overall corrections in the crypto market and Bitcoin is leading the way recently surpassing 11K levels. Below we will outline new price target predictions.
As of Saturday Feb 17th, overall crypto continues to rally. Bitcoin seems to be leading the upward momentum here. After looking at current fundamentals and key support/resistance levels, we have a current price target of $13,000 on Bitcoin looking forward.
When looking at the longer time frame chart, we outlined some simple correction stages. What we mean by this, is simply scenarios where Bitcoin sold off and followed that by correction stages. We saw strong resistance right at $10,000 which was important in our opinion. Bitcoin did not take long to break resistance there and accelerate up. With that being said, we see this correction stage as being a longer one in our opinion that could potentially reach $13,000 resistance levels. Even though we saw the recent Bitcoin selloff as healthy, we do believe it was overdone. This could be from a mixture of scenarios such as recent news on regulation and simply end of year profit taking. With the selloff being overdone in our opinion, we see the potential rally of being overdone as well. What we mean is that we could see Bitcoin reach 13K territories faster than many may think. Time will tell, but we remain Bullish on Bitcoin looking forward.
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