Why the Bitcoin price could rise sharply in early 2020
In the past few weeks, Bitcoin (BTC) has been in and around the important $ 7. 000 – leveled support level. Although some say that this price action is eerily reminiscent of the one before the capitulation in the year 2018, where the BTC price after 6 months of consolidation . 000 $ to 3. 000 $ has given way, analysts say: The Bitcoin price is ready for a strong upswing.
Is Bitcoin ready for a strong upswing?
In a viral tweet, trader DonAlt comments: He believes that “we will see a big upswing in the next 3-6 months” – and draws attention to a Bitcoin chart, after which BTC is above the main macro support in the area of the low 6th 000 he dollar mark. Bitcoin 2018 had to stop there to have a chance of reversing the previous bear market.
DonAlt emphasizes: He takes the claim that the cryptocurrency market could soon jump “seriously”. And other analysts agree with him.
Even full-time trader Cold Blooded Shiller is optimistic. He recently published an analysis of Bitcoin's Renko candlestick that shows the price performance over the past three years.
The trader draws attention to two previous price campaigns in Bitcoin's history, during which the price around 32 % or 40% rose after a bullish discrepancy between its indicator and the price had formed.
The same divergence is forming again – and this means that BTC could soon rise by up to 40%. Bitcoin would then be around $ 10. 000 value.
Do the bears have any control?
Although analysts are more bullish than bearish across the board, there is some evidence that the bears could still be in control of the direction of the cryptocurrency market.
Former Wall Street trader and Bitcoin analyst Tone Vays, for example, recently said in an interview with BlockTV: He still expects Bitcoin to “hit the next low in the first quarter 2020 “will see. The longtime crypto trader looks at the $ 5. 000 he region and claims that Bitcoin is likely to enter this area to hit a new low.
The statement follows the monthly candlestick in November – which led to the “Moving Average Convergence Divergence” (MACD) – a trend following momentum indicator that shows the relationship between two moving averages of the security price – for the first time Times since May 2018 has decreased. Like before Bitcoin's extended downward movement of $ 10. 000 to $ 3. 000.
Proof of text: newsbtc