Bitcoin Could Rally To $20,000 Into 2020
Bitcoin (BTC) may have lost over 10% in the past 24 hours, but one analyst is saying that this sets up the asset’s chart nicely. In a recent eye-opening tweet, popular analyst Filb Filb, known for his astute market observations (he predicted the rally to $5,000), posted the two charts, seen below.
As he points out, Bitcoin’s current inverse chart looks eerily similar to the same chart seen from late-2014 to 2016, during which BTC capitulated, traded in an accumulation range for months, broke out above the level, and threw back to a key support level. If history rhymes to a tee, BTC will further bounce from here to trade between $6,000 and $8,000 for a number of months, then skyrocket to new heights as the block reward halving arrives in mid-2020. In fact, if history is followed, 2020 will be when the next parabolic run is started, during which some analysts estimate that Bitcoin could breach $100,000 apiece.
Filb, for those unaware, has made a number of calls of a similar nature. Earlier this year, Filb posted two charts.
The first chart showed an inverse BTC (up means lower, down means higher) from the July to December period. During this time, the cryptocurrency held tight in the $6,000 range, save for one midsummer spike that brought BTC to $8,500, prior to tumbling below $5,000 to the $3,200 December low that many investors vividly remember. The second chart depicted BTC’s price action following the $6,000 to $3,000 move.
Although these two periods seemingly had no correlation, Filb noted that there are eerie similarities in the shape of the price action, along with the time that elapses with each move. As Filb then predicted and as we know now, what followed was a massive spike in the BTC price.
Crypto Winter Is Over
No matter of what happens from here, many are decidedly sure that “crypto winter” is finally over, even with Friday’s move in mind. Speaking to CoinTelegraph recently, Naeem Aslam, the chief market officer at Think Markets, explained that “spring” is here. Aslam simply looks to the fact that Bitcoin has touched the $8,000 price point, which he calls “critical” and thinks could “open the door” to $10,000 and beyond.
Aslam goes on to state that he also believes that the influx of positive fundamental news corroborates the theory that the bear market is over. He looks to things like IBM, Deloitte, and other large corporations jumping into the cryptocurrency game, whether it be Bitcoin (Microsoft) or Ethereum (Samsung, etc.) or a separate chain (Facebook).
Title Image Courtesy of Joshua Sortino Via Unsplash