A Look Into Bitcoin’s Price By 2020
This past year has presented many opportunities for Bitcoin to slowly resurrect from its last year’s dip and certainly, the king crypto is not backing down on that option. We have seen several spontaneous price fluctuations in the first half of this year and the results of these are bringing Bitcoin to the $10,000 mark, representing only about half of its all-time high. Although Bitcoin seems to maintain this uncompromising position lately, it has also hit a few notable milestones such an increasing mass adoption and market capitalization.
The Arrival of the Bull Market
Recently, the crypto market caught a bullish trend. With Bitcoin at the head of this revolutionary price surge, and alts nurturing the common touch, it is reasonable to look at the possibilities that exist in the long run in terms of price predictions particular to bitcoin(alts shall be discussed in our subsequent publications).
Massive Bitcoin Price Surge Inbound
Comparison of historical data reveals that Bitcoin is currently showing repetition of parabolic patterns which have caused corresponding price surge in recent years.
With a break above the parabolic support curve at 0.382, we expect a correction to around 0.618-0.69 Fibonacci retracement level as previously seen in recent years.
What Will Bitcoin’s Value Be
If bitcoin correctly repeats this pattern, there will be major support at $7600 and a corresponding quick surge to the $8200 level indicating a potential leap to the $9000 corner. Under expected circumstances, with our current price which represents a level slightly higher than the parabolic bottom, there’s every possibility of seeing Bitcoin marching towards $14,000.
The Bottom line
The combination of technical analysis backing our prediction is quite evident, simple and straightforward. The bottom line is that this bullish rally will see some fluctuations but will definitely continue until bitcoin’s all-time high of $20,000 has been surpassed. Crypto analysts agree that the convergent prediction stands at $23,500 per Bitcoin by the end of 2019.
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