Trend analyst on Tradingview has predicted that the price of bitcoin might go on to touch $5,500 in December of this year. The analyst believes that the BTC is following the same pattern as it did in 2018 when the price reached the bottom.
The analyst noted that there are two identical cycles, both bull and bear, with symmetrical tops and same candle characteristics on the monthly chart that can potentially bottom in the same month.
Currently, the leading cryptocurrency is trading $8,269. The price of bitcoin suffered a huge blow later last month as it retracted from $9,500 to $8,000 in the space of 24 hours. Since then, BTC has not managed to gain any ground. Another crypto analyst predicted that bitcoin might go as low as $6,400 in the short term.
A few days ago, a top derivatives trader on Bitmex predicted that bitcoin is most likely to touch $6,000 in the coming months.