Analyst: 2020 Bitcoin Price Will See the $20,000 – $25,000 USD Range Despite Short Term Slips
It has not been a fun time of late when it comes to the cryptocurrency market. Very discouraging bitcoin price has pushed transactions on the whole. However, it seems that there is about to be a change for good. This is because there is the expectation that BTC is going to really soar in 2020.
Major Rise Expected
As far as China is concerned, it is very obvious what the government thinks. It is a free pass for blockchain technology while cryptocurrencies are not welcome. In fact, the People’s Bank of China has raised alarm relating to digital currencies that are accused of modifying the country’s financial and economic system.
A-list Chinese cities like Shanghai, Beijing, and Shenzhen have also joined the bandwagon of releasing notices against cryptocurrency. They are warning the general public of raising money unlawfully via crypto exchanges. The operators of cryptocurrency transactions are also accused of engaging in pyramid selling and all kinds of financial frauds.
The most recent crackdown against cryptocurrency trading in China or the regular BitMEX activities have led the Bitcoin and other cryptocurrencies to suffer a devastating slump. However, not everyone thinks it is a doomsday scenario yet for digital currencies. In fact, there is a crypto analyst who believes that the best of cryptocurrency is yet to come. He is of the opinion that 2020 is going to be a very golden year for cryptocurrency.
Crypto Michael is a trader and technical analyst based in the Netherlands. He believes that upon studying the long-term pattern of bitcoin, there is absolutely nothing to worry about. He said that apart from a dramatic uptick earlier in the year, all is fine with the digital currency. He also predicted that the upward trend is going to be maintained but he did not stop there. He also predicted that the pattern is going to continue until the bitcoin price reaches the $20,000 and $25,000 range.
All in all, the long-term trend is still fine, aside from a parabolic explosion earlier this year (which is an outburst to the upside).
Keeping the trend intact -> market is fine.
Onwards to $20,000-25,000 in 2020. pic.twitter.com/uednu3jgo4
— Crypto Michaël (@CryptoMichNL) November 23, 2019
Interesting Times Ahead
This confident prediction was repeated with the bitcoin stock-to-flow performance when the niche took another swift nosedive. With a slump of about one-fifth of its value, it was brushed aside as a typical day in the bitcoin world as far as price is concerned.
This is according to the experienced crypto analyst. For those who are already worried, he still has words for them. He advised those who are already worried to shed such fears. He stated that it is regular bitcoin behavior on the exchanges. He pointed to the 2x YTD session and that there is nothing wrong with the S2F model and that nothing unusual is happening.
Some people panicking about this -17% week.
— PlanB (@100trillionUSD) November 22, 2019
2020: A Bullish Run for BTC?
It is somewhat apparent that conventional media agencies cannot have a proper comprehension of the bitcoin performance and price patterns. It is during this period that critics take advantage to voice their doomsday prediction. Hence, it came as no shock when people like Nouriel Roubini came out with his very negative predictions. But on the other hand, Blockstream CSO Samson Mow has also added his voice to the fact that BTC is doing just fine.