2020 has been a great year for Bitcoin, with its rally from its late-2019 lows of $6,400 altering the cryptocurrency’s market structure to greatly favor bulls, leading many investors to believe that these lows will mark a long-term bottom for BTC.
This optimistic belief is not unwarranted, however, as multiple technical and fundamental factors also seem to suggest that the crypto will soon see a massive extension of its recent uptrend.
One analyst believes that the rally seen over the past few weeks is the early stages of Bitcoin’s next parabolic market cycle, which could mean that fresh all-time highs are imminent.
Analyst: Pre-Halving Hype to Drive Bitcoin to $15,000
One factor that could help incubate some serious upwards momentum is the fact that Bitcoin’s upcoming mining rewards halving event is a historically bullish catalyst.
It is important to note that although the technical impact of the inflation reduction that results from this event is fundamentally bullish, analysts are split on whether or not its short-term impact will catalyze any momentum.
Analysts do believe, however, that the investor hype from this event will help lead it to clock some notable gains in the weeks and months leading up to it.
Satoshi Flipper, a popular cryptocurrency analyst on Twitter, explained in a tweet to his 40k followers that the Bitcoin bottom is in, and that he expects that BTC will slowly grind up to $15,000 prior to the halving, which is slated to occur in May of this year.
“I’m predicting $BTC to slowly grind to 15k in the run up to the halving. Only 3 months away. Bottom is in. The increase is demand is pretty clear. And the demand is too strong for any deep retraces during this halving run up period. IMO,” he bullishly noted.
I'm predicting $BTC to slowly grind to 15k in the run up to the halving. Only 3 months away.
Bottom is in. The increase is demand is pretty clear. And the demand is too strong for any deep retaces during this halving run up period. IMO
— Satoshi Flipper (@SatoshiFlipper) January 22, 2020
BTC’s Break Above This Key Level Could Fan the Flames of the Next Uptrend
In addition to the upcoming mining rewards halving serving as a fundamentally bullish catalyst, BTC also recently broke above a falling wedge formation that had been established over a seven-month period, which is a sign that has historically preceded parabolic uptrends.
“I’ve outlined 10 key points of $BTC. The latest one, the 10th point, is the breakout a 7- months Falling Wedge structure. The journey to ATH has just begun,” CryptoWolf, another popular crypto analyst, said in a recent tweet to his 20k followers.
I've outlined 10 key points of $BTC.
The latest one, the 10th point, is the breakout a 7- months Falling Wedge structure. The journey to ATH has just begun. pic.twitter.com/ODaZ53n2Bh
— CryptoWolf (@IamCryptoWolf) January 22, 2020
It does appear that the uptrend seen by Bitcoin and the crypto markets over the past few weeks could mark a pivotal macro trend shift that ultimately allows the markets to see significantly further near-term upside.
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Bitcoin’s volatility has been diving as of late, with the benchmark cryptocurrency seeing multiple prolonged bouts of sideways trading. Last week, BTC did see some turbulence that caused its price to rally from lows of $10,400 up to highs of $11,700.
Bitcoin’s halving is now in the past, and stock-to-flow formulas predict that the asset is ready to rocket out from current lows. But that’s yet to happen, and the crypto market is even crashing currently.
Bitcoin has seen an immense downturn over the past couple of days, declining from highs of over $9,800 to lows of $8,600 yesterday. This selloff came about after multiple consecutive rejections around $10,000.
When Bitcoin crashed to $3,700 in March on the back of a global liquidation in financial markets, there were many throwing in the towel. At the time, there were prominent analysts calling for the cryptocurrency to fall under 2018’s lows, while critics doubled down on their assertions that BTC was a “scam” and an “asset for criminals.
Bitcoin is remembering to be volatile again!
The real trading volume for Bitcoin is back up to its November 2019 levels after its price broke out of the lows seen during the holiday season. Thanks,The post Bitcoin volume, volatility finally find momentum after December lows appeared first on AMBCrypto.
After Bitcoin price swept lows right before the Christmas holiday, many crypto traders thought that the bottom was in across the crypto market, and Bitcoin would head into the New Year with renewed bullish momentum.
Despite the recent attempts of Bitcoin to get over the $9,000 level, some crypto experts believe that the market is in for new lows that BTC may hit in the short term
This year has certainly been more fruitful for bitcoin price than 2018 was. That said, it has not shown any signs yet of returning to an all-time high. Looking at the lows may offer some indication of how big the next bull run could be.
After posting a strong recovery from its recent lows of $9,500, Bitcoin (BTC) has been able to further extend its upwards momentum and is now nearing the next key price hurdle that could determine which direction it trends in the near-term.
Bitcoin investors are ready to call $3,100-area a bottom as the cryptocurrency continues its upward trend. The Rythm Trader noted that bitcoin had gone 123 days without posting fresher lows, which brought up its total gains since December close to 65 percent.
Cryptocurrency enthusiasts of Bitcoin have been concerned lately over the halvening of the mining rewards, even though this milestone is not expected to be reached for over a year. However, this focus has left everyone’s backs turned to Ethereum.
The 24-hour period of trading hasn’t seen vast activity in the crypto economy. Since the spike at the end of last week, nothing truly significant has taken place on Bitcoin markets. With a high degree of irony, the whole crypto market seems on pause while the SEC “eventually” plans to approve an exchange-traded fund.
Throughout 2018 and leading into 2019 Bitcoin (BTC) has continued to find new lows in not only price but…
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Since late November of last year, Bitcoin and the majority of other crypto assets such as Ethereum or Litecoin have continued to plummet to new lows. However, TRON, a cryptocurrency aimed at “decentralizing the web” has experienced solid and steady growth in value.
Bitcoin (BTC) has held steady above $3,600 after yesterday’s upwards surge that sent it climbing from lows of $3,400 to highs of $3,700. Although often times these upwards price movements are typically followed by a cool-off period that results in Bitcoin surrendering a portion of its gains, BTC has held steady at its current price.
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Support for BTC moving forward: $3,421, $3,400, $3,350, $3,331, $3,284, $3,228, $3,000. Resistance for BTC moving forward: $3,467, $3,508,…
The post Bitcoin Price Analysis: Investors Grow Weary as the Battle to Hold at $3,421 Continues — Can the Bulls Prevent Fresh 2019 BTC Price Lows? appeared first on Invest In Blockchain.
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Bitcoin (BTC) and other crypto assets may be nearing their one-year lows, but copious amounts of optimism still exist in the minds of believers the world over. Case in point, while many analysts are unfaltering in their belief that lower lows are inbound, with even one short-term sardonic commentator calling for a $1,700 BTC, hope.
At the end of 2018, the stock market tumbled, and leading cryptocurrencies such as Bitcoin fell through price support to reach new yearly lows, sending the crypto market into a depression state. There’s hope at the end of the tunnel, concludes a team of analysts, whose average price prediction for Bitcoin puts the leading crypto.
Bitcoin price finished the week trading at $3415, down 3. 2% on the week from $3530, with very little signs of trading higher. With the 2018 lows beckoning, we take a closer look at the price action.
Bitcoin is trending lower on its 1-hour time frame and seems to be bouncing off the mid-channel area of interest on the descending channel. However, price has yet to make new lows or test the latest ones, so a larger pullback might still be due.
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Following Bitcoin’s relatively volatile week, it appears to have established $3,400 as a level of support, but BTC still faces growing resistance around $3,500 as it has tried and failed on multiple occasions to break above this price level.
After outperforming for the past few weeks, Tron is forming more bearish patterns with lower lows and lower highs forming. Bullish conditions last week brought the price of Tron above resistance at $0.
Earlier this week, Bitcoin (BTC) failed to uphold its previously established support level around $3,550, which led to a sharp drop to $3,400. Although at the time of this drop many analysts expected BTC’s main region of support to exist around its 2018 lows at approximately $3,200, the cryptocurrency was able to find support at.
Many top cryptocurrencies including Ripple’s XRP formed their 2019 lows yesterday. XRP reached a low of $0. 28 yesterday and is following up today with a significant spike which has brought it over two expected resistance levels.
After an extended period of sideways trading, Bitcoin (BTC) experienced a large downwards swing yesterday that caused the cryptocurrency to break below it previously established support level in the low-$3,500 region.
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