How Bitcoin Could Hit $70,000 By The End Of 2020

How Bitcoin Could Hit $70,000 By The End Of 2020

I’m not easily impressed by charts but this guy nailed the Bitcoin chart since December 2018.Impressive.https://t.co/7ipBCJshUb — WhalePanda (@WhalePanda) January 16, 2020

  The crypto capitulation in December 2018 was predicted as BTC fell to $3,200. The top of around $14k in the middle of last year was correctly called, as was the 50% pullback into the $6k region. His prediction for BTC price at the moment is spot on at just below $9k. If that uncanny accuracy continues to apply bitcoin should continue to climb throughout the year, breaking its all-time high in June just after the halving. Following that, prices could blast all the way up to $70k by the end of 2020. Several aspects could influence such a move including the halving which many assert has not been factored into current prices. Add to that the premise of further geopolitical and economic tensions and there is the recipe for a bull market. Once bitcoin reaches the five figure level again the FOMO will escalate and new capital should start flowing in. Short Term Direction Analysts are also eyeing much shorter term movements as BTC struggles to top $9k. Trader ‘Big Cheds’ has noted the formations and is calling a pullback.

$BTC #Bitcoin 4 hour – Potential bull trend break in progress https://t.co/UEYpmYg1mx pic.twitter.com/xG9DrVnyxY — Big Cheds (@BigCheds) January 17, 2020

Support currently lies at $8,500 with further levels at $8,100. On the upside the 200 day moving average would serve as resistance just above $9k. Economist Alex Krüger has considered the Chinese New Year factor and the notion that BTC will be sold off to buy gifts. Data indicates $BTC does not underperform preceding the Chinese NY

So far bitcoin is holding steady and the bullish momentum looks set to continue this year. Will BTC blast past its ATH this year? Add your comments below.

Images via Shutterstock, Twitter @WhalePanda @KrugerMacro @BigCheds, BTCUSD chart by Tradingview The post appeared first on Bitcoinist.com.

 

source: https://bitcoinist.com/how-bitcoin-could-hit-70000-by-the-end-of-2020/

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