At the time of writing, Bitcoin (BTC) is trading just above $11,450 after price crashed close to 23% from $13,800 to $10,500 during the previous week.
It seems the hypothesis that weekends are good for Bitcoin may not always be true, even though the price is now higher than it was one week ago as BTC consolidated above the key $11,000 level on Sunday.
Will Bitcoin push higher during the week? Or will we see more major retracements back to the $10,000 region?
Bitcoin is evolving as expected. Its overall value keeps increasing, and if you look at the volumes profile on the left of the graph above, you’ll notice there’s plenty of volume keeping BTC above the critical $11,000 level.
My prediction that Bitcoin could hit $20,000 by the end of the year could turn into an “end of the month” kind of deal. Assuming the positive trend continues and BTC price continues to rise, we should expect higher volumes coming in at key levels close to $20,000. Although many retail investors will be looking to sell some of their gains when Bitcoin hits all-time highs again, we can expect the price to keep going at least for a few weeks.
However, as the market becomes more liquid, we should expect fewer violent swings, so it could take longer for BTC to reach a new high.
Let’s not forget that I consider Bitcoin to be in a bull run when the 20-day EMA is above the 50-day EMA and the latter is above the 200-day EMA. As we’ve already accomplished that goal – not only in shorter time frames but also in daily and weekly ones as well – I personally think the bears have retreated and bulls are now firmly in charge.
Volume also seems to be increasing as well. Over the past two weeks, volume has gone from $17 billion to $23 billion, consolidating now around $20 billion.
Putting all this information together, we’re now clearly on the right path to reach $15,000 – or maybe even $20,000 – by the end of 2019.
Of course, if you think I might be overreacting to positive news, you can always check what other expert analysts have to say about this recent price movement.
Hopefully, the market will continue this positive momentum.
Pay attention to retracements back down towards the 200-day EMA to make new entries.
Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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*The views and opinions expressed by the author should not be considered financial advisement. The author is not a professional trader, nor investor.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.