Is Bitcoin About to Pump and Dump in January?

[Shahinaz]

One of the most commonly spouted tenets of cryptocurrency trading is “past performance is never an indicator of future success.” However, when the same pattern occurs three years in a row at almost exactly the same time, it can be easy to question the validity of this statement.

In this case, we are talking about the fact that Bitcoin (BTC) has witnessed a significant pump for the past three years at the beginning of January—gaining between 10% and 24% in the first week of the new year.

When Bitcoin Goes Up…

With gains of between up to 24% seen for the last three years in a row, you might be forgiven for thinking that similar gains are almost certain for 2020. Unfortunately, this isn’t guaranteed to be the case, since the markets rarely follow such a predictable pattern.

https://twitter.com/SalsaTekila/status/1211695710007156740

Nonetheless, at the highest end of the range, assuming Bitcoin replicates the 24.3% gain seen in early 2018, then a value of around $9,050 could be seen within a week. Conversely, at the lowest end of the range, an 11.8% gain would push Bitcoin back up to $8,590—a value last seen in mid-November 2019. Because of this, it’s certainly worth paying attention to the market over the next few days—just in case the trend repeats itself for the fourth time.


more: https://beincrypto.com/is-bitcoin-about-to-pump-and-then-dump-in-january/