Bitcoin price has potential bullish in 2020 after skyrocketing 330% in 2019 and here’s why
Bitcoin started 2019 slowly, with prices trading as low as $ 3,000 making some analysts predict $ 1,000 and $ 2,000 back. However, in April and May, the volatility increased sharply, with a spike in excess of $ 5,000, then $ 6,000. By June, the price of the leading cryptocurrency was at $ 14,000 – up 330% from the bottom of $ 3,150 just a few months earlier, in December 2018.
Although rising rapidly, but also collapse quickly. The price has faltered under pressure from sellers from fraudulent PlusToken operators and early profit-takers.
This means that 2019 is the shortest uptrend in Bitcoin’s history, as it is lighter than previous price increases that lasted some years and crypto orders are more intense than before.
2019 was the shortest uptrend in cornita’s history pic.twitter.com/4ozyQUb3cL
— Majin (@majinsayan) December 25, 2019
It will come as no surprise that analysts think that Bitcoin’s price increase in 2019 is indicative of a bubble.
For example, trader James observed Bitcoin’s long-term chart from 2015 to now looks like the market cycle described in Cheat Sheet’s “psychology of a market cycle” scheme on Wall Street.
Despite all this, some are sure that Bitcoin’s long-term uptrend is still intact.
Trader Dave the Wave recently commented that he expects a one-week MACD, which will see bullish crossover early next year after a downtrend in the next two months.
First time in six years that the weekly MACD for silver has been in bull/ positive territory.? pic.twitter.com/eyCouBYCnC
— dave the wave (@davthewave) December 26, 2019
The news aggregator Crypto₿irb also has a similar view of price increase. He tweeted that:
“We argue over short-term moves but the big picture is clear. Let’s rock 2020”
5 reasons why Bitcoin will bullish sharply in 2020
# 1: Bitcoin price printed a long term gold cross
Earlier this month, Bitcoin’s long-term chart witnessed an extremely bullish sign from a macro perspective: The 50-week simple moving average has crossed above the 100-week, signaling that the bulls are controlling the long-term cryptocurrency trend.
This was last seen in mid-2016, ahead of the parabolic spurt that brought Bitcoin from $ 500 to nearly $ 20,000 in a few years.
# 2: The bullish flag
Bitcoin’s chart is drawing a giant bull flag, which some people think is more likely to break in order to raise prices. If that happens, it is likely that BTC could enter the $ 10,000 range, then it is likely to reach an all-time high.
# 3: Interest in Bitcoin futures rises
Over the past few months, Bitcoin derivatives tools on a variety of platforms have begun to see an increase in volume and open interest, implying institutional investment. According to analysts, institutional capital inflows will be the catalyst behind the next bull run.
# 4: Strong buying pressure below $ 7,000
Analysts noted that there was strong buying pressure below $ 7,000, marked by long wicks. This shows that there is strong long-term buying interest in the $ 6,000 area and this is also where BTC will find a macro bottom.
# 5: A regulated Bitcoin market
Crypto exchanges and crypto infrastructure supported by Intercontinental Exchange Starbucks and Microsoft recently launched regulated Bitcoin futures. Analysts say this is a bullish practice that will boost the market in the coming years.
The medium and long-term prospects seem to be increasing but the short-term prospects are not very positive. Trader Mexbt said he sees the potential for price cuts within the range of $ 6,900, currently only 4-5% lower than the current price of $ 7,185.
This view has been echoed by trader Rampage. He recently noted that he hopes Bitcoin will see slow bleeding from here. Although he did not set a specific goal, his chart shows the existence of horizontal support of just over $ 7,000, implying that BTC could drop in the coming hours and days.
We ran the lows and took the highs on the next candle of this range.
If anything I think we just get a slow bleed from here. pic.twitter.com/gsAiXrrFyz
— Rampage (@Thrillmex) December 25, 2019
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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