Bitcoin (BTC) Right on Track But What does it Mean for Price?
- After losing about 84% of its value in 2018, Bitcoin started recovering in 2019. Right about the mid of this year, we surged more than 200% hitting 2019 high at $13,900.
However, on Nov 22 we crashed to $6,785, a level last seen in May, losing more than half of these gains. Still, we are down over 48% from that high as Bitcoin trades around $7,200.
Bitcoin price still up 90% YTD, Source: TradingView
Grave Predictions by CT Commentators
The price of the flagship cryptocurrency has found support above $7,000 for now. However, according to analysts and traders of Crypto Twitter, we could go even lower.
$6,400 is the level many analysts are calling for. However, $6,000 is the level that is essential to be watched out. During the Q4 of 2018, this was the level breaking of which lead Bitcoin to tumble down to $3,200 level, hitting its bottom.
Close to bottom. Whales buying big time. https://t.co/iUJCpvUqtI
— Lord Tulips de' Medici MD (@cryptodemedici) November 22, 2019
Veteran trader, Peter Brandt is, however, seeing more pain. He has predicted $5,500 in July 2020. Bitcoin bear Tone Vays who not long ago turned bullish is expecting $4,500.
It’s still to be seen if Bitcoin will make it that low though it won’t be a surprise with BTC if it does. Q4 and especially November has been historically best months for Bitcoin but turned out to be the worse ones for BTC in 2019.
Also, these predictions are in line with analyst Willy Woo and economist Alex Kruger’s analysis who are bearish in the short term. They are also not positive if this Bitcoin reward halving will bring in a bullish effect for the digital asset.
However, Cardano founder Charles Hoskinson, who also co-founded Ethereum is very much bullish on seeing $100k in Bitcoin’s future.
But Bitcoin is Still on Track
Despite all these grave predictions for Bitcoin price, the leading cryptocurrency is still very much on track. Trader Jonny Moe first shared this chart early this year stating, “We're in “the zone.”
Now with the most recent drop in BTC price, as the parabolic trendline shows, we are still on track. As Moe shared during the time Bitcoin fell below $9,000 after surging 160% in Q2, based on the past two halvings, we won’t be setting a new all-time high until after the halving which is scheduled for May 2020.
As we reported, analyst Tuur Demeester, the founder of Adamant Capital also pointed out that the parabolic uptrend of BItcoin is still intact, this trendline started in January 2015.
As the chart shared by Moe shows, Demeester also notes that BTC price is yet again touching the support on trendline for the first time since March 2019.