Cryptocurrency

Where Bitcoin may end up by the end of this year

Navigation

The End Of Bitcoin 2021

Where Bitcoin may end up by the end of this year

Where Bitcoin may end up by the end of this year
CONTENT

  • The March 2020 base resembles the base formed by Bitcoin in January 2015.

  • If this similarity is confirmed further, BTC could consolidate before the end of the year..

International consortium of news organizations developing transparency standards.

On March 13, Bitcoin hit a low of $ 3,850, breaking through many supports. However, the price immediately began to recover and ended the month above the $ 6,000 mark. This leaves the door open for further growth..

Where Bitcoin may end up by the end of this year

However, this may take some time. Cryptocurrency trader and analyst dave the wave (@davthewave) believes that bitcoin (BTC) can consolidate throughout the year within the triangle pattern and then make an aggressive bullish breakout into the five-digit level.

May be looking at consolidation within the triangle formed for the rest of the year before a sustainable move higher… pic.twitter.com/U90wuzSpi6

– dave the wave (@davthewave) April 2, 2020

Long-term dynamics

This forecast is based on the assumption that in the current market cycle, the March 2020 low is a point similar to the January 2015 low in the previous cycle..

In the chart below, we have highlighted two bottoms, marking them with black arrows:

Where Bitcoin may end up by the end of this year

There are two key similarities between these two lows in this chart:

  1. They were formed between Fibo levels 0.236-0.382 of the entire length correction of the previous year.
  2. They were marked in close proximity to the upward support curve.

Although in March 2020 the price dropped noticeably below this mark, it still closed just above it. After bitcoin found a bottom in January 2015, the price consolidated for 273 days and then accelerated the rate of growth..

If this happens again this time, we can expect consolidation before the end of this year. However, taking into account the fact that the support line is ascending, by that time the MTC rate may be around $ 10,000.

Trading range

Another popular trader in the crypto community, Tyler D. Coates (@Sawcruhteez) shares the same view. He believes that sustained consolidation in the coming months will be a bullish signal for the currency’s future performance. He also highlighted on the chart the likely range within which the price could remain throughout this year..

Where Bitcoin may end up by the end of this year

If $ BTC ranges over the next few months it would be extremely bullish. pic.twitter.com/G95KyFVthD

– Tyler D. Coates (@Sawcruhteez) April 1, 2020

In the chart below, we have placed two bottoms side by side to show the price action in case it behaves the same as in 2015. The pair is expected to reach the resistance line in May and September and the support line in June and October, followed by a bullish breakout in December..

Thus, the base of March 2020 is very similar to the base formed in January 2015. If the subsequent price dynamics also have a similar character, this means that the BTC rate can consolidate / grow smoothly until the end of this year, and then make a bullish breakout and accelerate the growth rate.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

Similar articles