Is new ATH coming? Observation:•btc went exponentially when Trump announced China Trade war (5->14k)•btc is going up exponentially when Trump announced Iran war Conclusion:•imo big money finally hedge with $btc (e.g. options) safely under SEC regulations•bullish af pic.twitter.com/0bUuLWx7bA — Crypto₿irb (@crypto_birb) January 8, 2020
Just as they did last week, other safe-haven assets such as gold and oil are also surging. Gold prices topped $1,600/oz today which is a new six-year high and oil prices are also cranking at the moment. Bitcoin has firmly cemented itself among them as a safe haven asset attracting new money in times of adversity. Where Next For BTC? Now that longer-term technical indicators are flipping bullish and trend lines have been broken, analysts are eyeing the next move for bitcoin.
Well, we broke the neckline. Now, here is the updated target. And ironically enough, we should tag the 200/233 moving averages. But, who knows ;)#BTC #Bitcoin https://t.co/YORvPDYNQD pic.twitter.com/RP5GRNCfPE — CryptoFibonacci (@CryptoFib) January 8, 2020
Fellow analyst Josh Rager added “BTC looking strong after the U.S. base attack news … could continue to rip up though prior targets to short” $8,800 appears to be the next short term resistance level where Fib retracements align. Now that the 50-day moving average has been breached, it has started to turn upwards. A longer-term target is the 200 day MA which currently lies at $9,200. The specter of war combined with a bitcoin halving could turn 2020 into the mother of all rallies. Will bitcoin price top $9k this week? Add your comments below.
Images via Shutterstock, BTC/USD charts by TradingView, Twitter: @crypto_birb, @CryptoFib The post appeared first on Bitcoinist.com.
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