Bitcoin is the world’s first cryptocurrency. It is easily stored as well as exchanged on the internet without any risk. The process takes place via a blockchain, the digital ledger. The bitcoin software was implemented as an open-source code anonymously by someone recognized as Satoshi Nakamoto. It was launched in January 2009. However, since then, BTC observed many ups and downs. The cryptanalysts have got diverse views with respect to BTC. A few consider that even though BTC witnessed “AMZN style” crash in 2011 when it collapsed by 95%, yet its move to $3,150 is the result of its market. Further, BTC hiked to $5000 on diverse exchanges prior to slight price fall in the last five month. It is considered that this hike was brought to life by an enigmatic 20K BTC order. Moreover, the probable attributes related to it is the ending of the bear market that dropped BTC from its near $20K all-time high in late 2017 to a very low $3,200 in December 2018. The unexpected and always welcoming order of 20K BTC, worth $100m approximately, have led the analyst to claim that the crypto market will further witness the currency hike in 2019. This has increased the expectation of the crypto market that BTC will cross 20K again.
The assertion to this bullish momentum reaching towards $20,000, which it had set back in 2017, is as follows:
- Peter Brandt, the trading author mentioned that BTC could hit $19,800 in the future. His assertion is based on the historical concept of 2015. Since then Bitcoin marched to its victorious path and whooped to $19,800 in 2017. This is being supported by Thomas Lee, the Fundstrat co-founder who considers that Bitcoin could enter into a mammoth accumulation phase reaching to $20,000.
- The weekly relative strength indicator of Bitcoin leaped up above 53.65, which is the highest level reached by BTC since October 2015. This led to a hike in the buying sentiments of the users in the Bitcoin market. This cross can be referred to as the Golden Cross and is giving hopes and aspirations that as signaled by April 2019, bitcoin will witness a phase of royalism and potential upside period for a longer period of time.
However, the indication of the technical chart showing BTC witnessing intense losses that have reached below $8,200 this weekend creates a dilemma in the cryptocurrency market. Yet the market hopes BTC will revive back beating the bear grip to reach to 20K again.