More

    Analyst's Bitcoin Price Prediction: A Push for New ATH in Early 2020 will Invoke a New Bull Market

    • Analyst FlibFlib lays down his Bitcoin Price forecast
    • First, retrace from here to 61.8% and then consolidate the remainder of the year in 7.5k-10k range
    • Exit rounding bottom/Cup and handle Summer 2020 following a “sell the news” event when halving occurs.
    • Bull market cycle to follow thereafter
    • Bitcoin price has fallen yet again below $10,000.

    Currently, BTC/USD is trading around $9,850, down by 1.16 percent.

    Historically, Q3 is going as expected.

    Q2 and Q3, as per the past data have been lackluster in comparison to Q1 and Q4. So, the next quarter can be expected to bring back the bulls.

    After an Impressive Move to the Upside, Expecting Selling Pressure is Reasonable

    Bitcoin has been the best performing asset of 2019. It even surpassed the expectations of even the most bullish commentators in the space when we moved from $8,000 to about $14,000 in Q2.

    The flagship cryptocurrency made a staggering recovering from the lows of $3,200 in December 2018, accelerating about 4x to its peak.

    Since hitting 2019 peak, we have made a pullback to approximately $9,050 level and are back to seeing another drop that could take us even lower.

    But it’s not at all a cause for worry.

    Analyst FlibFlib, in his latest analysis, explains how after such an impressive move to the upside, it’s reasonable to expect that some selling pressure would be faced by Bitcoin.

    FlibFlib says, we hit the bottom in this bull cycle and bounced from it quicker than in previous cycles, the result of more interest and awareness in halvening which is projected to occur in May 2020.

    The combination of accelerated demand, awareness and interest along with limited supply, he says creates a “perfect storm” for the leading cryptocurrency to achieve “much higher prices” and rather quickly.

    “Bitcoin has the infrastructure, the interest and the fundamentals to go higher, assuming there is no major banning event,”

    FlibFlib said.

    Bitcoin Just Doing What it Always Does

    While going up, Bitcoin destroyed the resistances but as it reached a certain technical level, the world’s top cryptocurrency ran out of steam.

    The bottom, however, he believes is in and we are in the

    “smart money/stealth phase of the new cycle.”

    Historically, the analyst explains how Bitcoin performs a few things, parabolas break down and retrace at least 61.8% of their height. A bounce typically occurs where there has been a strong buying interest on the way up.

    In 2017, this happened around $6,000 level with an engulfing candle on the weekly. In 2019, he is expecting Bitcoin to correct into the $7ks.

    Another thing is, the time taken to reach from the top to the bottom is typically half the time it takes to achieve a new all-time high (ATH).

    So, before the halving, he says we need to consolidate for some time, this means we would trade sideways before we push for new all-time highs in early 2020. And this will invoke a new bull market.

    Bitcoin (BTC) Live Price

    1 BTC/USD =$6,776.0466 change ~ 0.47%

    Coin Market Cap

    $124.04 Billion

    24 Hour Volume

    $6.5 Billion

    24 Hour VWAP

    $6.81 K

    24 Hour Change

    $31.5303

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,366FansLike
    2,782FollowersFollow
    4,137FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    National Internet Finance Association of China Warns Against Manipulative Crypto Exchanges

    The National Internet Finance Association of China(NIFA) has issued a warning for investors who have been associated with the crypto-verse about the growing risks...

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.