After 11 years of existence, Bitcoin has created enough data to compare current price dynamics with past up/downtrends. And the past data are gradually revealing some optimistic pricing scenarios shortly. Especially the period from March 2020 to July 2020, the time before – during – after the Bitcoin halving.
Bitcoin price action is showing a clear up/downtrend
Indeed, past price records cannot guarantee or prove for a brighter future result. However, these price records may justify an upward move in the same cycle. Bitcoin prices usually fluctuate periodically. In 2019, the impact of the futures market set the stage for Bitcoin’s future growth. This dynamic can also create an interaction between the uptrend and the downtrend.
How did 2019’s price movement of @Bitcoin $BTC compare to the previous five years, according to our data? Well, March through July headlined a great mid-year price run-up as the token surged back above five figures. However, December’s reputation as the best performing month let pic.twitter.com/8I8CaLRQIM
— Santiment (@santimentfeed) January 2, 2020
BTC also raised expectations for a bull cycle in mid-2020, based on the closing prices in the last quarter of 2019. In the early days of 2020, the price of bitcoin made people panic when “sinking” below $ 7,000. However, as AZCoin News reported, the Bitcoin price then recovered back above $ 7,340. However, current price scenarios are also showing that Bitcoin is at risk of sinking to new lows between $ 6,000. However, the possibility that Bitcoin soared to $ 8,000 is not without.
Does today’s BTC bullish reversal hint at a bullish 2020? Markets practically never move in a straight line from Jan to Dec, meaning that prices can be counted on to cross the starting point at least once during the year. Will $6900 turn out to be the 2020 low?? #btc #btcreversal pic.twitter.com/lBhWBxW35u
— C2CX Exchange (@C2CXExchange) January 3, 2020
The period from March 2020 to July 2020 will undoubtedly appear many fluctuations. Typically, prices will be pushed up before Halving – expected to take place around May 15, 2020. Nor does it exclude the possibility that whales and sharks in the market will manipulate prices.
Bitcoin derivative products soared at the beginning of the year
Besides the relevant events in the market, other factors that are likely to increase the level of BTC speculation will be the optional market. In just a few days, CME will launch its new optional product. The options also offer different trading strategies, in which the nature of the products is still to bet on future Bitcoin prices, instead of buying actual Bitcoin.
Besides, the BTC mining market may also play an essential role in 2020. Mining companies are operating more strongly than ever, reaching a record high of 114 quintillion hashes per second and possibly as high as 119 quintillion hashes.
Source: Bitinfocharts
The cryptocurrency mining market is one of the most active markets, including many groups of potential traders, always interested in hedging risks from BTC price fluctuations.
And at the moment, the price of BTC is still significantly higher than its low in December 2018. Last year was the year when Bitcoin achieved an increase of about 85%. This is still a significant success if Bitcoin ignores from the mid-year peak.
#BTC price has risen by about 95% since the beginning of 2019??
❓Will #Bitcoin’s 2020 performance surpass all the growth figures seen in 2019? ???— BKSBEX (@bksbex) January 2, 2020
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