3 Factors in the Price of Bitcoin Can Rise Higher Again

The drop in the price of Bitcoin (BTC) on February 20, 2020 from US $ 10,147 to as low as US $ 9,.505, is still considered reasonable by some observers. Precisely weakening it can encourage price increases thanks to the following 3 factors.

Eric Choy, an analyst at BlockStreetJournal, disagrees with the forecast that Bitcoin could skyrocket to US $ 20 thousand in the near future.

“I believe it’s even longer, at least later this year,” he said in response to a question from Blockchainmedia.

There are 2 of my arguments, said Choy, namely first, the continuation of uncertainty of traders and Bitcoin miners welcoming the Halving moment.

Secondly, the 0.618 Fibonacci Indicator shows Bitcoin at the level of US $ 13,300. That level is an advanced level of 0.382 over the past year.

“The 0.618 ratio can be referred to as resistance and support for some time, before entering the region of US $ 20,000,” he said.

Golden Cross Factor

On 18 February 2020, the most special Golden Cross Bitcoin reappeared, after something similar happened in January 2020 and earlier in 2015. Two days later the Bitcoin market collapsed rapidly to US $ 9,505.

Golden Cross Bitcoin on February 18, 2020 ago.

Not a few who judge it as mere boasting, because how is it possible that the so-called Golden Cross can jump-start Bitcoin, but suddenly it has dropped significantly.

What some people don’t understand is that the time span of Golden Cross is long term. That is why it is used Moving Average 200 and Moving Average 50 daily (daily) as a reference.

Historically, some time after the Golden Cross appeared in January 2020, the price of Bitcoin also collapsed by 10 percent, then rose again. This situation provides an opportunity to re-accumulate.

Strong support of US $ 9,688

Over the past two days, Bitcoin has been at least at a strong support level at US $ 9,688 on a weekly basis. Bitcoin analysts, reported by Cointelegraph, said if Bitcoin is able to stay at that level within the next two or three days, it can be used as a bullish signal.

Based on data from Digitalik, with the Stock-to-Flow and Cycle Repeat models, until March 23, 2020, Bitcoin is estimated to move relatively sideway. With the current reference price, US $ 9,660, on February 26, 2020, Bitcoin is predicted to enter the region of US $ 10,156. However, it quickly dropped back to the area of US $ 9,675.

Bitcoin price predictions are relatively sideway until March 27, 2020. Source: Digitalik.net.

After March 27, 2020, Bitcoin is forecast to rise from US $ 9,880 to US $ 11,465 (March 29, 2020).

Bitcoin Halving

Bitcoin Halving which is expected to fall on May 12, 2020, is still considered an important factor.

TradeBlock recently revealed that the gross cost to mine one Bitcoin when Halving is around US $ 15,062. With the current relatively stable hash rate, the cost to mine one Bitcoin will drop to US $ 12,525.

According to TradeBlock, there is a possibility that the price of Bitcoin may fall after Halving and still have a small impact on the hash rate, because large miners operate in the long run with the availability of cheap electricity and mining equipment supplies.

“With that scenario, the miners might be reluctant to sell the Bitcoin that they are mining, which in turn causes supply in the market to fall, potentially pushing up prices,” he explained.

Comments

  1. Oren Mau

    You emphatically put a new spin on a subject that’s been written about for years. Noteworthy material, just fabulous! I enjoy reading a post that will make people think, thanks and we want more! Added to FeedBurner besides. If you have a chance check out my web site. It’s a work in progress, but I assume that someday it will have nearly as good of subject matter as yours.

  2. Nelson Alnoor

    You must take part in a contest for one of the best blog sites on the web. I would back your blog!. I ‘m interested in your posts, and have bookmarked the website so that I can check back for future updates. If you have a second check out my site. It’s a work in progress, but i believe that someday it will have nearly as good of content as yours kelly kosky

  3. Megan Porter

    Hello! Do you have a Twitter account? I’d like to follow you if that would be okay. I’m absolutely enjoying your blog and look forward to new updates…

  4. Jed Minkler

    You emphatically put a new whirl on a subject that’s been written about for years. Remarkable stuff, just extraordinary! I enjoy reading a post that will make people think, thanks and we want more! Added to FeedBurner as well. If you have a opportunity check out my web site. It’s a work in progress, but I expect that someday it will have nearly as good of substance as yours. kelly kosky

  5. Toney Dorey

    Very great web site, this genuinely answered some of my questions. Thank you!. If you have a opportunity check out my site. It’s a work in progress, but I presume that someday it will have nearly as good of subject matter as yours. kelly kosky

  6. Sheri Amesquita

    I was actually amazed to find this web site. Thank you for creating this wonderful read!! I definitely enjoyed your content, have bookmarked it and will be looking for future posts. If you have a chance check out my web site. It’s a work in progress, but I hope that someday it will turn out as renowned as yours. kelly kosky

  7. Cornell Nopper

    You have to take part in a competition for one of the most fascinating blog sites on the web. I would indorse your blog!. I ‘m interested in your posts, and have bookmarked the web site so that I can check back for future updates. If you have a second check out my site. It’s a work in progress, but i foresee that someday it will have as good of subject matter as yours

  8. Nikia Donoghue

    You should take part in a competition for one of the most interesting blog sites on the web. I would back your blog!. I ‘m interested in your posts, and have bookmarked the website so that I can check back for future updates. If you have a second check out my web site. It’s a work in progress, but i foresee that someday it will have nearly as good of subject matter as yours kelly kosky

  9. Sang Horsley

    You must take part in a contest for one of the best blog sites on the web. I would back your blog!. I ‘m interested in your posts, and have bookmarked the website so that I can check back for future updates. If you have a second check out my site. It’s a work in progress, but i believe that someday it will have nearly as good of content as yours kelly kosky

  10. Parker Hines

    Very great web site, this truly responded some of my questions. Thank you!. If you have a opportunity check out my website. It’s a work in progress, but I expect that someday it will have nearly as good of subject matter as yours. kelly kosky

  11. Willis Dehne

    Very great post, I really enjoy the web page, keep it up. How do you market your site? I found it on Google. If you have a chance check out my web site, it’s not as noteworthy, but I ‘m only able to update it once a week.

  12. Deadra Clokey

    Hi there! I simply desire to give an enormous thumbs up for the good information you have got right here on this post. I’ve bookmarked your website and shall be coming again to your site for more soon. If you have a opportunity check out my web site It’s brand new, but lets hope some day it will be as content rich as yours

Leave a Reply

Your email address will not be published. Required fields are marked *