I have confidence in my long-term analysis, but I see myself more of an investor than a trader. I only care about really long-term price, not short-term price. I don’t think the current or near-term price of Bitcoin to represent how much its worth. In other words, I do not intend to use BTC as a currency on the foreseeable future.
Still, as the market has finally recovered (I believe), it’s now time to see where things could be heading up to the end of the year.
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Will the summer be kind to Bitcoin? Will we see a massive retracement back to the 20-day EMA or will Bitcoin continue to moon to new yearly highs?
Looking at the chart above, it’s easy to guess what I think will happen. As long as that green line stays intact and price manages to stay above it, I expect Bitcoin to continue pushing higher and higher.
You can see from the chart that the 50-day EMA has crossed the 100-day EMA, and the 20-day EMA is already above both of them. This means we’re clearly in bullish territory.
Moreover, Fibonacci levels show BTC is already holding on to the 0.5 retracement level. The next one will be the key 0.618 level, around $13,500. If Bitcoin manages to surpass this level and get to the 0.786 retracement level, going higher than $16,000, I see little reason for a major retracement back to $8,000 or so.
Sure, we can expect BTC to hit key support levels along the way, but the trend line is on quite a positive slope. And as they say, you should never go against the trend – just ride it for as long as possible.
If you inspect the chart closely, you’ll see there’s a little tunnel connecting the lows of 2018 with the highs of 2017, which by chance of the mighty trading gods happens to cross exactly over early January 2020.
What I think this means is that there will be a huge push towards new highs during the New Year. More adoption, more institutional investors, and a further push for Lightning and lower transaction fees will help Bitcoin’s price maintain its positive slope.
Additionally, we shouldn’t forget Bitcoin is a living organism. Through the implementation of Segwit, Signature Aggregation, Taproot, Graftroot, and Scriptless Scripts (smart contracts on the Bitcoin network), we can expect the king of cryptocurrencies to become even more resilient and easy to use.
Of course, my analysis could be entirely wrong, but I intend to keep checking how my trend line is holding up. Again, if Bitcoin is able to keep pushing forward, my bet is on a $20,000 Bitcoin by 2020. Wouldn’t that be the cherry on top of the cake?
I hope it will happen, Bitcoin will rise and hit 20.000USD at this year 2020. We will see the bright future of bitcoin. I have hold my bitcoin and waut this year, We hope the bull market will come. Too long, I have hold my bitcoin and several altcoin.
all hope it's quickly realized and of course many are waiting, including like you who have been storing for quite a while bitcoin and altcoin. no exception is of course that does not hold at all the new tokens that are pursuing new projects, because with the increase in bitcoin, there are certainly many projects that can be completed immediately and many are certainly affected.
see first and second halving, that the peak movement of bitcoin will occur a year later.
we know that the third halving has happened this year, so it can be concluded that the high movement of bitcoin will occur next year.
so the possibility to reach $ 20K this year is unlikely to happen, at most it will range between $ 15K on bitcoin yield by the end of this year.
while the peak is clearly the same as the previous halving in 2021 and certainly can not be predicted in what month will happen, seeing the first and second halving that occurred at its peak was in December. Will that also happen in December? If $ 15K was achieved at the end of this year, it is likely that if it was decided in December next year, it would be shocking and could happen more than the 2017 event that bitcoin will get.
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Topic: Will bitcoin hit 20K in 2020? (Read 42272 times)