Bitcoin Won’t Moon Before December, Q4 2019 is that Will “blow your mind”
- Bitcoin above $10,000 but price did so nearly 20 times this summer
- BTC dominance chart “looks like the end to the bottom of a market”
- BitMEX CEO, Arthur Hayes: “We will be two-steppin’ straight to $20k”
Last week, Bitcoin was trading at $9,300 and yesterday, we went up above $10,450.
The leading cryptocurrency has made a good start of yet another month.
Last month, we went from about $10,000 to over $12,200, only to drop to $9,500.
Currently, we are enjoying the greens, with 5.70% gains in the past 24 hours, BTC/USD is trading at $10,420 while managing the daily trading volume of $1.29 billion, as per Messari.
The has the total market cap jumping from $244 billion on August 30 to $265 billion on Sept. 3.
BTC dominance also shot upwards to 72.6% as per TradingView.
According to trader and investor Josh Rager, the monthly chart of BTC dominance
“looks like the end to the bottom of a market.”
BTC dominance, he said seems to be capitulated as after bottoming out in 2018, having made a strong recovery. And with Bakkt coming this month with physically delivered daily and monthly bitcoin futures, Bitcoin market dominance might “not see a strong pullback” anytime soon.
Bitcoin Jumps Above $10,000 for about the 20th Time
Now that Bitcoin is back over $10k, analysts and traders on CT are bullish yet again.
But it might not be the time to get excited about a new 2019 high or an all-time high (ATH) yet.
The leading cryptocurrency has crossed $10,000 level nearly 20 times this summer.
Also, there is now a “Large Labor Day CME gap.”
BTC actually started pumping right when the CME closed.
Trader DonAlt explained that both shorts and longs stacked and once BTC moved above $10,000, a squeeze followed.
But both 9k and 12k are old levels, so whichever breaks first decides the direction Bitcoin will move next.
Moreover, historically Q3 has been a bad quarter for Bitcoin and we still have September left.
Q4 2019 and Q1 2020 will blow your mind.
— fil₿fil₿ (@filbfilb) September 3, 2019
According to market analyst and trader, CryptoWolf Bitcoin has boring months ahead of it. A breakout, he said will happen in December, a traditionally bullish month, which will continue until June.
“Bitcoin, No moon, not before 3 – 4 months of accumulation within the monthly candle with lower high after rally,” he said recently.
Meanwhile, BitMEX CEO, Arthur Hayes said,
“We will be two-steppin’ straight to $20k.”