As Cryptocurrency Becomes Inevitable: Is Bitcoin on the Brink of a Santa Claus Rally?

Updated on Jan 27, 2020 at 12:58 pm UTC by Azeez Mustapha · 3 min read
As Cryptocurrency Becomes Inevitable: Is Bitcoin on the Brink of a Santa Claus Rally?
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Regardless of the prediction for another Santa Claus rally, Bitcoin holders still might be content with a minor increase in 2019.

The Bitcoin and crypto money markets have thrust in a downward pattern for quite some time, but with only half a month until Christmas, Bitcoin bulls are anticipated, could we be expecting another Santa Claus rally?

The Bitcoin price forecast is approximately a part of the highs of its year so far, with most (but not all) altcoins struggling to stay closely related to Bitcoin and recording worse results.

Currently, Bitcoin and crypto enthusiasts anticipate unexpected price growth, specialized information seems positive and continuous improvements propose that 2020 could be an important year for Bitcoin.

Some experts are extremely optimistic about the future of BTC. For example, Charles Hoskinson, Ethereum co-founder and creator of Bitcoin rival Cardano believes:

“We will see $10,000 Bitcoin again and welcome $100,000.”

“Crypto is unstoppable. Crypto is the future,” added he.

On the off chance that it is seen Bitcoin recovers later in the year, it would not be the first time that digital currency markets would increase in December. At the end of 2013, Bitcoin peaked at more than $1,000 for each Bitcoin.

A couple of years after the fact, in December 2017, the Bitcoin epic bullish pinnacle reached $20,000. Be that as it may, many things have changed from that point forward.

In any case, a small-scale rally of Bitcoins during the U.S. Thanksgiving weekend was recorded. At the end of the week, in which the price of Bitcoins increased by more than 10% in less than 48 hours, but at the moment it has almost receded.

The price of bitcoin is right now trading around $ 7,300 for each Bitcoin, contrasted with $ 3,500 toward the start of the year.

Regardless of Bitcoin bulls, the prediction that arriving at record highs is for all intents and purposes around the bend, Bitcoin holders might be content with a minor increase in 2019.

Bitcoin Is in a Range-Bound Accompanied by Bearish Bias

Supply Levels: $6,600, $6,850, $7000
Demand Levels: $8,200, $8000, $7,800

BTC/USD has been around $7,300 since the start of the week. The digital currency arrived at an intraday high of $7,430. However, the positive force couldn’t be kept up and Bitcoin fell beneath $7,300.

The BTC/USD pair is simply bullish while trading over the $7,300 level, the key resistance is at the $7,800 and $8,200 levels.

If the BTC/USD pair trends beneath the $7,300 level, sellers may target the support levels of $6,850 and $6,600. The price broke underneath the level of the key specialized support zone at $7,300, which will probably turn out as a barrier in the near term.

While the cryptocurrency is experiencing a short-term uptrend, this may only be a correction, since the long-term outlook stays bearish.

Altcoins, Bitcoin News, Cryptocurrency news, Ethereum, News
Azeez Mustapha
Author: Azeez Mustapha

Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.

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