Bitcoin may have performed extremely well in the past two months, surpassing 100% of March lows, but technology shows and analysts say the recovery is far from over.
Rally From $ 3,700 to $ 10,000 This is just the start of a larger trend
According to Alex Fiskum, Associated with boutique investment fund Alice Capital, the sentiment of the market and the positioning of Bitcoin traders "prove that it was a hated rise."
In other words, most investors were apparently marginalized throughout this movement and were not over-leveraged on the bullish or bearish side.
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Graphic by Alex Fiskum, a Hong Kong-based cryptocurrency trader at Alice Capital.
Kelvin "SpartanBlack" Koh – partner of The Spartan Group, a crypto fund, former partner of Goldman Sachs – echoes that feeling
He wrote in a tweet citing Fiskum's analysis that he thought Bitcoin investors were "still somewhat risky", with the options market, the relative strength index and the ; "fear and greed" index, all at points indicating that most of the market players are still marginalized.
These factors indicate that Bitcoin's uptrend is far from over, giving the cryptocurrency a lot of upside room to rebound sustainably if buyers intervene in the weeks ahead.
Where will Bitcoin's uptrend be?
This raises an urgent question: where exactly does Bitcoin go next? Will he recover at $ 15,000? $ 17,000?
The answers to this question are ubiquitous, but prominent investors believe it is entirely possible to exceed $ 20,000 by the end of the year, citing a confluence of factors fundamentals and techniques.
Speaking to CNN on May 12, Galaxy Digital CEO Mike Novogratz has suggested that BTC will reach $ 20,000 over the next seven months.
In support of his prediction, he cited three things:
- The large amount of fiscal and monetary stimulus from world governments and central banks.
- Bitcoin halving makes cryptocurrency rarer than fiat currencies and gold
- And Paul Tudor Jones, a legendary macro-investor, enters the market.
Reduce the risk of "looking stupid" and a global "tax orgy" could see $ BTC $ 20,000 by the end of the year! Colorful as always with @novogratz from Galaxy Digital. pic.twitter.com/sqdFZxKiNK
– Julia Chatterley (@jchatterleyCNN) May 12, 2020
He produced for CNN:
"We have quantitative easing versus quantitative easing around the world, not just in the United States (…) On the other hand, Bitcoin reduce by half it is essentially a "quantitative adjustment". So you have this exclamation point in the history of a rare product. "
In technical terms, a popular cryptocurrency trader this week shared the chart below, indicating that the action of Bitcoin's weekly prices closely resembles that of the start of the 2019 bullish recovery.
Bitcoin printed seven weeks of consecutive earnings, then a "Doji" candle, the analyst pointed out. What followed the latest onset of this trend was an increase of 160% over a period of about three months.
This means that if history repeats itself, the cryptocurrency could reach $ 20,000 by the end of 2020.
Related Reading: Reddit Just Released Ethereum-Based Cryptography To Over 20 Million Users
Photo by Joe Cook on Unsplash
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