Bitcoin has been pretty strong throughout all 2019 even though the short term is looking bearish. Most analysts and traders believe the Bitcoin bottom is in and set nicely on the monthly chart.
Currently, the Bitcoin bears have been able to keep the price below $9,000, however, there has been no continuation which indicates a lack of strength. Bitcoin could very easily bounce from the current level and smash through $10,000.
According to a crypto trader and analyst, Bitcoin could reach $50,000 by mid-2020. According to his twitter post, this last move downward could very easily be the last before the takeoff. The short term of Bitcoin is slowly shifting in favor of the bulls as the bears are not getting any sort of continuation.
The longer time frames have remained heavily bullish for the most part, especially the monthly chart which is showing a lot of strength for the bulls. Considering the Bitcoin halving will happen in May 2020, it’s fairly possible for Bitcoin to reach a new all-time high by then.
Historically, Bitcoin halvings have been extremely effective and have boosted the price long before the event itself.
However, according to a few reports, many investors might not even be aware of the upcoming halving which means there is still a lot of room for growth. This could influence Bitcoin’s price to see a huge increase when the event happens or shortly after.
Grayscale Investments stated that:
“In fact, based on anecdotal conversations with market participants, we were surprised to learn that many of them were not even aware of this event. Moreover, according to Unchained Capital, less than 32% of the Bitcoins in circulation have remained in the same wallet address since July 2016”
Some investors are also pointing out that Christmas and other holidays are coming soon which could lead to investors “cashing” out, however, this doesn’t seem to be the case, at least based on historical facts.
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