Some of Crypto Twitter’s most widely-followed analysts believe Bitcoin’s price has already bottomed and turned bullish for 2020. Bitcoin started 2019 strong but ever since it posted a high of $13,880 in June, Bitcoin has corrected by over 50%. It dropped to as low as $6,425 in December.
Analysts, like Faisal Sohail, Bitcoin Macro, Majin and Charles Edwards (head of digital investment firm Capriole) among many others, see a base being formed, which can propel Bitcoin to greater heights early in 2020. Bitcoin has been range trading between $6,700 and $7,600 since November 20, 2019. That’s a $900 range over 45 days. To many analysts, this is a sign that a new base is already being built and this week’s break out of the range to over $8400 intraday confirms this view. They believe the accumulation pattern should send Bitcoin in the short term above $11,500 and possibly test the highs made in June last year before the Bitcoin halving in May 2020 starts.
Sven Franssen