Bitcoin (BTC), the world’s biggest cryptocurrency with market cap, may hit $20,000 in the coming months, said analysts, citing some technical factors.
Since reaching its lowest level of $6,400 in December, the BTC has skyrocketed to $9,900 earlier today.
In late 2019, crypto traders noticed similarities between the BTC performance in 2019 and that seen from 2017 to the end of 2018. During that period, there was a fakeout that failed to boost the upward trend. In addition, there was a downward triangle that broke down to push prices down.
Analyst Ambroid said the BTC movement since November 2019 is almost similar to of that seen in the period from late-2018 to early-2019. Both periods had a tight-range, multi-week consolidation as well as fast breakout and three-week consolidation.
The analysts expected that that if the BTC completes this bottoming fractal, it could reach the $20,000 level in the coming months, definitely in May which would coincide with the most significant “halving” event.
There are other analysts who backed this prediction. Think tank Fundstrat stated when the BTC breaks through its 200-day moving average, its average gain over six months will be 197%. Thus, it would move far above $20,000 by July or August.
In addition, analyst Financial Survivalism was also more bullish on BTC, expecting the cryptocurrency to reach $20,000 in early July, citing strong technical factors and the imminent halving.
Falcon maintains rosy outlook for crypto market
In a recent report, Falcon Financial Services has maintained its medium-to-long term outlook for the cryptocurrency market, expecting the overall market cap to remain above the $180-200 billion level.
It has stated that one of the main assumptions for a bullish price development was the crypto adoption from institutional investors. However, it seems that this never materialized.
The halving, which is expected to take place in May this year, could change the price of Bitcoin forever. This event has already taken place twice before.