- What comes next? It starts with “bull” and ends with “market”
- But a trader says Bitcoin is still “very much in a downtrend”
- $250k is just “ridiculous,” Let’s talk $50k
Today marked a good start of the week as Bitcoin price surged to $7,645 level. In the past 24 hours, BTC price climbed 6.5% while trading at $7,573, at the time of writing, as per Coincodex. Trading volume, however, is still low at just above $400 million.
The leading cryptocurrency started the last month of the year at $7,400 but went down to $6,400 level last week. Since then, BTC’s price has jumped almost 19%.
Analyst The Cryptomist sees $8,400 coming up if BTC price manages to break the resistance of $7,650 level.
“Wedge playing out perfectly thus far. Yesterday's target attained. If we can break this 7650 resistance then I feel 8400 region is next. Question is, sideways first?” she said.
What comes next? It starts with “bull” and ends with “market”
Trader Scott Melker also notes the weekly BTC chart confirming “the massive bullish divergence in oversold territory on Stochastic RSI.”
However, this isn't the first time this has happened. In fact, it’s the fourth time since Bitcoin topped in December 2017 at about $20,000.
The first time it happened, the BTC price moved from $6,400 to $9,900, a 54.6% jump. The second one preceded the pump from $3,200 to $14,000 and the third one preceded the move from $7,400 to $10,400 (+40.5%) just weeks ago.
Now, it needs to be seen where the fourth one will take us.
However, another significant BTC move Melker warns is unlikely to be kind to altcoins.
Guess what comes next.
I can give you a hit.
— Galaxy (@galaxyBTC) December 23, 2019
But Bitcoin still “Very Much in a Downtrend”
Moving into 2020, Bitcoin finally seems to be making a bullish move, however, it needs to be seen if this will be a sustainable one because several crypto commentators have called for a big drop in 2020.
People flip from $3k targets to $10k targets in less than 48 hrs
Keep it simple
Trade it level by level, as everything else is just short-term speculation
— Josh Rager 📈 (@Josh_Rager) December 23, 2019
While trader Jacob Canfield has $5,500 as the bottom for Bitcoin’s ongoing downtrend, veteran trader Peter Brandt sees this target hit in July 2020, a month after the much-anticipated reward halving.
Trader Josh Rager points out that despite this $1k move, Bitcoin price is still “very much in a downtrend.” It needs to break above $8,000 before calling out any potential trend reversal.
“Break previous low and likely head under $6k where $5,300 area is a promising place for buyers,” said Rager.
The drop that many analysts are expecting however according to Yele Bademosi from Binance Labs will be higher than 2018’s bottom at $3,300.
BTC going down to $5500 in Q1 2020 seems a likely scenario. It may even touch $8k before that. More shakeout and accumulation before a sustained and slower upward trend is likely.
A few people predicted such a second smaller "bear market" in the first half of 2019. https://t.co/s9Px4SgUGr
— BitcoinEconomics.io (@BitcoinEcon) December 21, 2019
$250k Is just “Ridiculous,” Let’s Talk $50k
Meanwhile, venture capitalist Tim Draper has doubled down on his prediction of BTC hitting $250,000 by 2022.
Analyst Tone Vays calls this “grossly irresponsible” price prediction “ridiculous,” and has a personal target of $50k for Bitcoin by 2023.
But Kelvin Koh, co-founder and Managing Partner of Spartan Group, a blockchain advisory & investment firm founded by veterans from Goldman Sachs and Indus Capital is much more bullish as he predicts “$40K during 2020.”