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.
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.
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.
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:
https://twitter.com/jchatterleyCNN/status/1260225391991689216?ref_src=twsrc%5Etfw” data-wpel-link=”exclude” target=”_blank” rel=”follow noopener noreferrer
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.
Photo by Joe Cook on Unsplash
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