Bitcoin ended 2019 with a bang, closing the year up nearly 100% from its January lows of under $4,000. Although the year was generally positive for BTC and most other cryptocurrencies, it is important to note that it is also down significantly from its 2019 highs of $13,800 that were set this past June.
Analysts are now noting that 2020 is likely to be another great year for the cryptocurrency, although there is one key near-term factor that could hold significant influence over where the cryptocurrency heads in the coming weeks and months.
Analyst: Bitcoin on Track to See Large Gains in Coming Months
At the time of writing, Bitcoin is trading up marginally at its current price of $7,250, which marks a notable climb from its daily lows of just over $7,100 that were set yesterday when bears attempted to push BTC to its key support at $7,000.
Buyer’s ability to hold the cryptocurrency above the support it has established within the lower-$7,000 region is certainly a bullish sign, although it is imperative to note that the crypto has been rejected at the mid-to-upper $7,000 region on multiple occasions over the past several days and weeks.
DonAlt, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes this bout of consolidation will ultimately result in a bull-favoring movement that could occur in the next 3-6 months.
“$BTC: I’m pretty sure we’re gonna bounce big time in the next 3-6 months,” he said while pointing to the chart seen below.
$BTC
I'm pretty sure we're gonna bounce big time in the next 3-6 months. pic.twitter.com/gfwhjLyJR1
— DonAlt (@CryptoDonAlt) January 1, 2020
This Potential Surge May Hinge on How BTC Trends in Coming Days
Importantly, in order for DonAlt’s bullish assessment of Bitcoin to be confirmed as valid, bulls may need to spark some activity in the coming days, as how it starts the new year could offer significant insight into where it will go for the rest of 2020.
Hsaka, another popular cryptocurrency analyst on Twitter, spoke about this yesterday, explaining that how BTC traded around the time of its yearly open in 2019 set the tone for the rally seen in the first part of the year, and the same goes for 2020.
“$BTC New Yearly Open: Despite all the euphoria and capitulation, 2019 turned out to be an inside bar. Hopefully not the case this year. Keep your eyes peeled out for the yearly open, it served as a strong pivot before the 2019 bottom,” he noted.
$BTC New Yearly Open
Despite all the euphoria and capitulation, 2019 turned out to be an inside bar. Hopefully not the case this year.
Keep your eyes peeled out for the yearly open, it served as a strong pivot before the 2019 bottom.
We're all going to make it frens. pic.twitter.com/m7YZ8zZyw4
— Hsaka (@HsakaTrades) January 1, 2020
It does seem as though 2020 is shaping up to be another great year for Bitcoin, as subtle hints of technical strength and upcoming events like its mining rewards halving could significantly bolster bulls.
Featured image from Shutterstock. The post appeared first on NewsBTC. origin »
This year is expected to have among the wildest crypto rallies yet. Investors are optimistic that the crypto-friendly Congress will pass legislation that propels the market forward. Several industry watchers believe Bitcoin could surge to $200,000 before the year ends.
As the year ends, a renowned analyst suggested that Bitcoin (BTC) could have a New Year rebound after the flagship crypto surged by 4. 2% to retest a key level. Related Reading: Altcoins To Explode In Early 2025: Analyst Says “Grand Finale” Is Around The Corner Bitcoin Sees End-On-Year Slowdown Bitcoin has struggled to hold the mid-zone of its one-month price range as the crypto market experiences an end-of-year slowdown.
Bitcoin has reentered the spotlight as analysts forecast six-figure price targets. Veteran trader Peter Brandt predicts that Bitcoin could reach $125,000 by the end of the year.
Bitcoin, although starting the year with a bang has now been quiet so far in terms of performance, especially following its peak back in March. Despite the halving in April of this year, Bitcoin has experienced modest gains compared to the excitement of previous years.
Bitcoin had the most volatile weekend in a year as Bitcoin slipped as low as $64,550 after reaching a new all-time high of $72. 760 on Thursday, March 14. As of press time, Bitcoin has recovered to trade around $68,300.
Bitcoin is currently experiencing a period of consolidation, with a keen eye on the $45,000 resistance level. Meanwhile, analysts at CryptoQuant project an optimistic future, predicting Bitcoin could soar to $50,000 by the end of the year.
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There are numerous ways to make cryptocurrency in the cryptocurrency sector. These include trading, purchasing and holding currencies, and generating interest through cryptocurrency mining or other staking techniques.
