Without a doubt, Bitcoin has made many investors happy over the past 50 days. Since bottoming out at $ 6,400 in mid-December of last year, the price of BTC has risen higher and higher - exceeding the key psychological barrier of $ 10,000 today.
However, according to some analysts, the market's surge is yet to be implemented, and technical factors are currently suggesting that Bitcoin could rise to $ 20,000 in the coming months.
Bitcoin could reach $ 20,000 in May, the Fractal indicator suggested
Late last year, all crypto traders could talk about the similarities between Bitcoin's price movement in 2019 and the larger cycle of 2017 to the end of 2018; both times to have a parabolic hike, a Blow-Off top (which means that the price hike is quick and then drops quickly), a fakeout cannot restart the uptrend. , and a bearish - break down triangle pattern to push prices lower.
Well-known crypto analyst Ambroid recently mentioned this, he noted in a chart that the Bitcoin price structure since November 2019 is reminiscent of the end of 2018 - early 2019; both phases have a multi-week consolidation within a tight range, a strong breakout, a 3-week consolidation, before another higher push appears.
$ BTC thoughts right now, structure looks too similar.https://t.co/GIYXfCswrK
- Ambroid (@anambroid) February 8, 2020
Ambroid describes that if Bitcoin completes the fractal that seems to bottom out, its price could jump to $ 20,000 by May of this year - coinciding with the time of the Bitcoin halving event.
This forecast is not entirely baseless
There are a number of other technical analyzes in favor of this seemingly crazy prediction by Ambroid.
Financial Survivalism - another well-known cryptocurrency analyst, who accurately forecast Bitcoin's early January rally to $ 9,000, has recently posted an analysis on TradingView entitled "Why do I believe Bitcoin will retest the all-time highs on July 1, 2020."
In it, he made the case for BTC to retest the peak of $ 20,000 on July 1, 2020 - not exactly in May but close enough. It sounds crazy, but he points to a confluence of positive technical developments:
- The Parabolic Stops and Reversals (PSAR) indicator has printed a bullish candle for the first time since July 2019, when BTC was trading well above $ 10,000.
- The average directional indicator (ADX) on the daily time frame has seen its first bullish crossover since March 2019.
- And more.
Additionally, an analysis by Fundstrat Global Advisors revealed that whenever Bitcoin crosses the 200-day moving average, the average increase over the next 6 months will be 197% - which means that the price Bitcoin will exceed $ 20,000 by next 7 or August.
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According to NewsBTC
Translated by ToiYeuBitcoin