We are 9 days into January 2020 and Bitcoin price USD has displayed a lot of movement and progress. In the year 2019, we observed the total market capitalization range over $300 billion with volumes as high as $100B.
Now that Bitcoin Price USD almost touched $8000, What’s Next?
Sincerely, it is difficult to give a forecast and have artificial hope. As we already know that Bitcoin Price USD is volatile and full of surprises. According to many market analysts, increasing tensions between the US and Iran have provoked an increase in Bitcoin price.
Not sure that this conflict is the cause of the rise in bitcoin prices if explored further there are many causes for the rising price. Bitcoin halving can also be a basis for price gains, even without the ongoing news, technical analysis also reveals the beginning of a positive trend.
The next halving can be an important event and because traders and investors are hoping that it can drive to more gains then there is that probability of greater demand for Bitcoin. The mystery is this: Will history be replicating itself or due to new and complex circumstances Bitcoin this time can be building a new road apart from the normal ones in the past?
If you read our last analysis closely then you will find that no notable increase happened. This is because it is currently in the sloping range of $ 6400- $ 8000. All are expecting prices to break resistance levels or support levels to wait for the time. Price rises always happen after halving, not before halving. But not an improvement in a moment but gradually as in past years.
Bitcoin Price USD and the trend for 2020
If Bitcoin touched $9000 from here that would be nice for a potential withdrawal but right now seems like just one more failed rally. It will be interesting to examine what follows if we see again the most powerful support at 6.4. But for now, no reason to be bullish yet. From the past few months, we are seeing the same pattern of lower high, lower low, lower high, lower low.
Bitcoin has already revealed its development yesterday in a few hours the Bitcoin price USD climbed a bit and people thought this was the start of Bitcoin halving phase where prices are constantly unusual, but we are not certain if this will go down to $6000, and I think this will remain in the current resistance. The important thing to understand here is that the resistance is at $9200 anyway, so if you end up noticing $9000 and break it, that won’t be short at all, it would be for good. Let’s hope that the price breaks that resistance.