The dwindling trajectory of the Bitcoin prices since the past few days may predict the fallen days, but the market analysts beg to differ. The overall Bitcoin’s performance is going quite downhill. For instance, last week, the world’s largest crypto experienced a temporary spike of 10,300 U.S. Dollars but simultaneously fell down to 9,250 U.S. Dollars mark within 24 hours. The spike and the fall were quite stark and intense.
But despite all the downhill movement, the market analysts are choosing to focus on the bullish tendency of the crypto. The recovery of the Bitcoin price to 9,900 U.S. Dollars has made many optimistic about the medium-term vision of the crypto. The optimism and faith in the bullish tendency of the crypto made a prominent analyst to predict a strong surge in the crypto in the coming times.
The expected surge is a steep upward movement to 17000 U.S Dollars, which would be around 70 percent greater than the ongoing prices.
Why are the market analysts so optimistic about BTC Price surge?
Well, the main reason which the market analysts attribute to the coming together of the promising signals on BTC 30 days chart. These signals point at the possibility of the bullish upsurge for Bitcoin.
Bitcoin’s $17,000 ‘near-vertical’ growth:
A trader by the name ‘Goomba’ has recently posted Bitcoin’s one-month performance chart on Twitter. The liquid index gives a clear view of the overall market movement that takes many crypto exchanges into consideration. As per Goomba’s tweet, Bitcoin could very soon see a ‘near-vertical’ growth of 17,000 U.S. Dollars.
This upsurge would mean a straight leap to 73.7 percent higher price platform from the current price state of 9,900 U.S. Dollars.
Analyzing the chart:
- The one-month OBV (On-Balance Volume) suggests the crypto has brighter days ahead.
- Further, in addition, the RSI (Stochastic Relative Strength Index) has changed to the bullish trend.
- The bullish trend on the RSI has been observed after 5 months, as before this spike, it was facing a constant downhill movement.
- The upsurge in the BTC price has stirred optimism that expects a bullish trend in the coming months.
- The expected price hike can be seen in the next 3 to 4 months time bracket.
BTC price predicted to spike to $20,0000 by 01/07/2020:
Along with Goomba, the prediction that Bitcoin will surge to its all-time high in a very short time; has been supported by many other market experts and analysts too. For instance, last month, a trader called ‘Financial Survivalism’ described Bitcoin’s priced action to a ‘T.’ The trader’s recent in-depth trade analysis explains the reasons that will make BTC to spike up to 20,0000 U.S. Dollars price mark by July 1st, 2020.
Another well-known name of the industry- Fundstrat co-founder Tom Lee also suggested that BTC/USD is expected to reach 27K U.S. Dollars mark by August 2020. He explained that the crypto (BTC) is crossing its ‘200-day moving average’. This has stirred the average gains of nearly 200 percent.
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BTC’s $20,0000 price prediction supported by Mike Novogratz:
In a recent interview, Mike Novogratz described Bitcoin as the ‘best brand of the past 11 years.’
Right now, Bitcoin feels a little frenzied and we could see it surge up, but I think that by the end of the year we could certainly take out the old highs, or at least we go to the old highs. […] Because people have believed that it’s now a store of value — similar to gold, just gold has got 3,000 years and $10 trillion, Bitcoin has got eleven years and $200 billion.