Bitcoin price falls: $15k can be retested before new highs are breached says trader
Medium term, $80,000 could very likely be seen by the end of the year, he said.
"I think that by the end of the year, if we complete this [head and shoulders] formation fast…we have a chance to have around $80,000 or even more in the price of Bitcoin," Stanciulescu told David Lin, anchor for Kitco News.
The consolidating price pattern over the last month has been due to a number of factors weighing down Bitcoin, most notably tougher capital controls from China regarding cryptocurrencies.
What Bitcoin, and invariably the entire cryptocurrencies need, is for another influential figure like Elon Musk to adopt and promote the coin, and for institutions to further add to their holdings in order for upside price momentum to be validated, Stanciulescu said.
Stanciulescu is a technical analyst, and his price forecasts are based on analyzing trend lines.
For more information on the key drivers of Bitcoin, watch the video above. Follow David Lin on Twitter @ https://twitter.com/davidlin_TV.