The Bitcoin price of the leading cryptocurrency, ever since rejecting the key $10,500 resistance as if it was a stone wall, has acted weak, losing support and support.
After two weeks of bearish price action — punctuated by a steep drawdown over the past three days that took Bitcoin price from $10,000 to as low as $8,520 — it should come as no surprise that investors are once again fearing a return to a bear market.
Though, a number of analysts are still optimistic, touting an array of fundamental and technical reasons as to why they think Bitcoin price has an upward trajectory in the coming months.
Bitpay Chief Commercial Officer Sonny Singh has also shared his belief that the crypto asset will hit new all-time highs this year.
“This year, I’m going to make a prediction,” Singh told Bloomberg’s Taylor Riggs on Wednesday. “I think Bitcoin price passes the all-time high and goes past $20,000 this year.”
From a perspective of pure macro fundamentals, central banks continue to lower their policy interest rates and participate in open market operations.
Many prominent market commentators — from CNBC “Fast Money” anchors and a chief correspondent of the Financial Times to cryptocurrency analysts and macro investors — think this trend where money is easy to come by, enabled by low-interest rates, will boost demand for provably scarce assets, like gold and Bitcoin.
What is Bullish Trend?
A bullish trend is the condition of a financial market in which prices are rising or are expected to rise. The term “bull market” is most often used to refer to the stock marketbut can be applied to anything that is traded, such as bonds, real estate, currencies and commodities. Because prices of securities rise and fall essentially continuously during trading, the term “bullish market” is typically reserved for extended periods in which a large portion of security prices are rising.Bullish trend to last for 50 months or more.
What is Bearish Trend?
‘Bearish Trend‘ in financial markets can be defined as a downward trend in the prices of an industry’s stocks or the overall fall in broad market indices. Bearish trend is characterized by heavy investor pessimism about the declining marketprices scenario.Bearish Trends lasts for 40-42 months.
Will Crypto Rise Again?
2020 is going to be a big year for crypto as the bullish trend will start soon.
The “Crypto Winter” of 2018/2019 flushed out much (but certainly not all) of the nonsense, and the market has significantly matured over the last few years.
2020 will be a good year for crypto holders,especially bitcoin holders.So you need to just hold cryptos and wait for atleast 2 years to sell again.Now,it’s the right time to purchase cryptos and hold.