Bitcoin price maybe skyrockets to $ 14,000 if BTC closes weekly above $ 7,400

By Emma 12/7/19 3:21 AM

It’s been a week since we entered the last month of 2019 and the price of Bitcoin is trading in a tight range of $ 7,100 – $ 7,600.

At the time of writing, Bitcoin is trading around $ 7500 with an increase of more than 1%.

Bitcoin price today. Source: Coinmarketcap

Bitcoin may not show any signs of a major move but according to analyst Philip Swift, the bull market is close.

THREAD: $BTC: On-chain and market cycle update

TL:DR – Bull market is close!

— Philip Swift (@PositiveCrypto) December 5, 2019

According to him, Bitcoin’s price bounced off the 350-days moving average after the retest. This is a very important sign as it always indicates the beginning of a bullish price.

Currently, we are retesting this level is an unusual but understandable thing because the market is paying for an excessive increase in May (160% in Q3 2019).

Now, looking at the momentum of the Bitcoin network, in the previous cycles at this point, the market has witnessed a rapid increase in the volume of BTC on-chain about 6 to 10 weeks before the bull market started.

While the market is currently seeing more bitcoin being held on exchanges (more than 1,925 million BTC is held by a handful of leading exchanges), analysts are still expecting a significant increase in on-chain transactions.

All of this shows that Bitcoin is at the end of a market cycle. Combining these signals with the Golden Ratio Multiplier, Swiff sees a big move up in January or February to the $ 13k- $ 14k area.

4/ Also keep an eye on Bitcoin Network Momentum

At this point in prior cycles, we saw rapid increases in on-chain BTC volumes for 6-10wks b4 bull market started

Worth watching for now to see if this repeats following recent uptick@woonomic version with coinmetrics data is ? pic.twitter.com/xLXSTU1JE2

— Philip Swift (@PositiveCrypto) December 5, 2019

Before expecting that, take a few days to close above MA 2yr to consolidate the confidence.

Popular trader Wendy O has the same opinion as Swift. He predicted that the price of Bitcoin would “skyrocket” if it manages to rise above $ 7,400.

If his prediction is correct, Bitcoin traders may soon see another fakeout, similar to the one that took place on December 4.

Hodlers are profitable when Bitcoin keeps YTD profit more than 100%

Despite the recent downturn, Bitcoin has an annual return of (YTD) of 111% suggesting that HODLing can be a lucrative strategy.

Source: TradingView

In a recent tweet, Skew, the London-based company, revealed that the pioneering cryptocurrency has increased by 24 weeks out of 48 weeks of 2019.

Bitcoin is up exactly 50% of the weeks this year (24 out of 48) but also up 100% YtD ?

Timing trades is a dangerous game!

— skew (@skewdotcom) December 5, 2019

Skew asserted that those who dared to trade BTC in 2019 played a dangerous game. In contrast, HODL investors throughout 2019 have made quite a bargain. The 24 weeks where Bitcoin has risen sharply represent a higher percentage of profits than losses incurred. In fact, Bitcoin holds a YTD profit of 111%. And, recently it may enter the cumulative stage before the next hike.

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.