After facing constant buying pressure that caused Bitcoin to rally as high as $ 9,550, BTC encountered a large stream of overnight selling pressure that plunged to a low of $ 9,200 before finding support.
The sharp move from $ 9,550 makes this 2020 high look like a peak and it is highly likely that BTC will continue to decline in the short term.
Even so, the exact fractal pattern formed from May to June 2019 that BTC has been following closely shows that the price can now enter a consolidation phase before hitting the $ 12,000 threshold in a move. boom.
Tendency price increase of Bitcoin stalled after being rejected drastically at $ 9,550
The rapid price drop from a high of $ 9550 has caused the largest cryptocurrency to lose all the profits made in the second half of the week, when rising from a low of $ 9,200 on Wednesday to a recent high of $ 9,550.
Although this pullback is not much compared to the recent increase in intensity of Bitcoin, it is important to note that it has broken Bitcoin's upward trend on the 4-hour chart.
Analyst Big Cheds talked about this in a recent tweet and cited the chart that shows the important EMA levels that Bitcoin has just broken below.
– Big Cheds (@BigCheds) January 31, 2020
“BTC 4 hours – Breaking the trend ”
This fracture suggests BTC may soon increase to 12,000 dollars
One factor that investors should keep in mind is that BTC has been closely watching price action in May-June 2019. The strangely similar path shows that cryptocurrencies can now consolidate short before rising to $ 12,000 in a booming move.
The famous Galaxy analyst also talked about this fractal and noted that BTC could soon break the $ 10,000 barrier and move to $ 12,000 after a brief period of sideways trading.
Today & May-June ’19 similarities are interesting to watch.
By looking at this fractal, we are now in a consolidation before entering the next bull move & break the $ 10K barrier.
– Galaxy (@galaxyBTC) January 31, 2020
“The similarities of today and May, June 2019 are very interesting.
By looking at the fractal above, BTC is currently consolidating before entering the next bull run and breaking the $ 10K barrier.
The RSI has also increased in the same area as before. ”
If this fractal continues, Bitcoin may soon rise rapidly, although it is likely to spike briefly in the five-figure price area.
Besides, with the rare Bitcoin growth rare in the past January, many are optimistic that the coin will be traded for $ 152k by the end of 2020.
BTC reached the $ 152,000 threshold in December 2020
Trader Crypto Bull tweeted that Bitcoin increased by 32% in January. If BTC continues to raise prices this way every month, by December 2020, it will reach $ 152,000.
Bitcoin is up 32% this month.
If we go up 32% every month this year we will be at $ 152,000 in December.
– Crypto₿ull (@CryptoBull) January 30, 2020
“Bitcoin is up 32% this month.
If we grow 32% every month this year, we will be at $ 152,000 in December. ”
Besides, with the desire to see the arguments as stated, this extremely optimistic Twitter user continues to write another tweet to prove his original post. He reminded the community that 2017 (the noteworthy year of the cryptocurrency market) started with Bitcoin trading at $ 960 and by December of the same year, it soared to $ 19,600.
To those of you who think 32% monthly sounds like madness.
2017 opened at $ 960. It reached as high as $ 19,666 in Dec.
That equals an average of 32% every month.
Bitcoin gains are the definition of madness.
– Crypto₿ull (@CryptoBull) January 30, 2020
“To those who think that 32% of monthly sounds crazy.
2017 opened for $ 960 and hit as high as $ 19,666 in December.
The equivalent of an average of 32% per month.
Bitcoin growth is the definition of insanity. ”
Cow Crypto and bet by John McAfee
The highest Bitcoin price bet that has been made so far is $ 1 million of crypto bulls and is currently the official US presidential candidate John McAfee.
The promise to eat ** on television if BTC did not reach $ 1 million on December 31, 2020 is something that many people in the cryptocurrency community have been looking forward to for a long time.
However, McAfee recently 'flipped', saying that even if BTC did not reach $ 1 million on the said date, he would not eat **. He explained that betting is just a trick to attract new cryptocurrency users.
Later, McAfee declared Bitcoin to be the 'Hotmail of the cryptocurrency' and the real rubbish coin. John McAfee is still betting on altcoins and thinks that one of them will dominate the cryptocurrency market on a clear day, unlike Bitcoin – an ancient technology.
Price of BTC today | Source: Coinmarketcap
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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