The latest heads-up in a series of bullish sentiments on Bitcoin suggests that the multi-month “accumulation phase” we’ve seen indicates Bitcoin is about to make another big run.
Analysts point to its prior $20,000 mark and how low Bitcoin has sunk since, although it has moved back up from its crash earlier this spring, completely erasing any related losses.
“Despite wobbling around the halving and after, the Bitcoin price has entirely erased losses from its March crash, which Positive Crypto notes formed a ‘higher low’ compared to the peak of the bear market in December 2018,” writes William Suberg at Cointelegraph, in a prominent piece centering on the predictions of Positive Crypto which seem to suggest that “new price all-time highs” are in the cards.
“(A) ‘consolidation structure,’ as Positive Crypto calls it, is now ripe for disintegration, to give way to a new bull run which will obliterate the $20,000 zone,” Suberg writes.
Others were calling out this sort of possible trend back in February.
“The current price of BTC is roughly in line with the popular stock-to-flow (S2F) system for technical analysis, and if the trend continues some speculate the price of the asset could reach $100,000 within the next two years,” wrote Graham Smith at Bitcoin.com Feb. 4. “Though the S2F tool is still a controversial metric, and various groups have hampered the asset’s capacity previously, the market appears nonetheless to be viewing BTC as a potential reserve currency of the future.”
S2F and “higher lows” notwithstanding, there’s always the specter of volatility in the BTC market. Is Bitcoin the right safe haven when US equities tank? Will institutional buy-in make 2020 the “Year of Bitcoin?” Stay tuned.
