Top Three Reasons Why Bitcoin is Super Bullish Going into 2020
- Bitcoin Bottoms — Research firm Delphi Digital is seeing a potential new bull phase
- Bitcoin in Reaccumulation — 50/100 WMA to occur in mid-December at around $7,800 level & will lead to a new bull rally
- The Long-term Trend is Powerful — BTC to move towards all-time highs faster than last time
The first month of Q4 has ended and after sinking to as low as $7,300 on Oct. 25, the Bitcoin price jumped to $10,600 level. But BTC still ended the month on a red note as the price fell to $9,100 level.
Now, we have entered the month of November and are currently hovering around $9,000. Historically, this month has been a bullish one for the leading cryptocurrency.
Over the course of nine years, seven have been positive ones with gains around 10%. The highest gains of 467% were registered in 2013 followed by 61.6% gains in 2017. During this time, only in 2011 and 2018 did Bitcoin fall into the red by nearly 16% and 32.2% respectively.
In Q2 of 2019, the Bitcoin price surged more than 160% only to correct close to 47% during the last week of October.
According to the research firm Delphi Digital, Bitcoin has likely found a bottom after the mini accumulation phase in September and October. Trader Looposhi had already predicted this bottom in January 2019.
The company, in a report for its clients, shared evidence for the same such as the trading volume. The market has been printing signs of weak volume, capitulation, followed by accumulation at the bottom and is now moving into a potential new bull phase.
The firm further added that the flagship cryptocurrency is currently tied to the risk-based assets like the S&P 500. With these assets hitting a new all-time high, we might get to see Bitcoin moving higher as well.
Bitcoin in Reaccumulation
Echoing Delphi Digita’s observation, analyst Flib Flib said the upcoming 50/100 WMA is “far more significant” than any other technical crosses. This will occur mid-December at around $7,800 level, projects the analyst that will lead to a new bull rally.
— fil₿fil₿ (@filbfilb) October 30, 2019
This macro view, however, will be invalidated if BTC breaks $9,500 and start ranging above this mark for a couple of months, he said.
These two months might also be the last time Bitcoin will see $10,000. According to crypto investors Nunya Bizniz and @CryptoBull, 2019 is the only year when we would be able to buy BTC under $10,000.
The Long-term Trend is Powerful
Analyst Flib Flib has high expectations from the upcoming halving as the previous halving was also preceded by 50/100 WMA cross which was “accompanied by a huge kick to the upside.”
In fact, he is expecting the price to move towards all-time highs faster than last time due to better information in the marketplace and having seen the same with Litecoin price.
Popular analyst PlanB’s stock to flow model is another reason for the same. A model that says, “somewhere between a year and a year and a half after the halving so say before Christmas 2021, Bitcoin should be or should have been above $100,000,” said PlanB.
Previously, PlanB also talked about BTC price going as high as $300,000 by 2023.