Crypto Analyst Predicts $82,352 as the Target Bitcoin (BTC) Will Hit in 2020
- Bitcoin bulls don’t need to worry, June looks “really strong”
- In the short term even if RSI drops below the trend line, the oversold price will attract more buyers
- Simple 1234 impulse wave structure gives us $82,352 as the top target
Currently, BTC/USD is in the red by 0.71 percent as it trades at $7,899 after recovering and going above $8,000 level.
After unsuccessful attempts to break through $9,000 level, in the near term, Bitcoin is stuck below $8,000. In order to see the bulls back in the game, the leading cryptocurrency needs to break this level that it is struggling for more than a week.
Despite a number of exciting events hitting the market this week, none of them managed to produce a significant effect on the price of Bitcoin. The world’s top cryptocurrency remains influenced by speculative sentiments and technical factors.
Seasonality Factor for June Looks Strong
Naeem Aslam, chief market analyst at ThinkMarkets says Bitcoin bulls don’t need to worry as the seasonality factor for the ongoing month looks “really strong.”
Historically, May have been the best performing month for Bitcoin which he says is to be expected as the 5-year average trailing percentage gain with the trailing high for the same time period being 70.86 percent while the low sits at -18.73 percent.
The veteran hedge fund trader says the seasonality factor extends to June and in order to gain further, RSI (Relative Strength Index) needs to match the ascending trend of the price action on the daily chart.
However, he also assures that if the RSI drops below the trend line, traders need not worry as “It will only send a strong message: the price is way oversold. This will attract more buyers.”
Naeem further believes Facebook creating its own GlobalCoin digital currency will play as the catalyst for Bitcoin price to move higher.
Bitcoin Price to Explode Higher Next year
In the short term, we might get more dips on the way but in the long term, it’s all about bulls. Analyst, Alan Masters in his analysis on TradingView, shares his prediction for Bitcoin in 2020, the year that will see bitcoin reward halving, a bullish event.
By using some know tools including 1234 impulse wave structure from the Wave Principle Theory by Elliot Wave, the analyst finds $82,352 as the top target by using Fibonacci proportion that matches perfectly the 5th Wave and supported by MACD. He further adds that the RSI that hits its lowest point is now bullish and could also support this move.