Source: Hourly chart @ TradingView
Reasoning:
- (Technical) Break-out reversal of downward channel
- (Technical) Parabolic SAR switched from bearish to bullish
- (Fundamental) Bitcoin ETFs are being filed for, giving more credibility
Based on the above, I predict that BTCUSD has a much greater chance of hitting $16k than $12k. In fact, if it does turn bullish at this point I would expect to see renewed optimism in the market, and we may even see new highs by 2018.
Financial institutions are just getting started with BTC, and I wouldn't be too surprised if this recent downturn was a result of manipulation in order to cause amateur investors to overreact. If this theory is true, the question is, are the big players happy with a 44% discount on prices, when it almost touched $11k from 3 days ago?
What does the Steemit community think?
Disclaimer: The above is simply my opinion and should not be taken as investment advice. Please do your own research before investing!