- Analysts expect BTC price to tumble by 20 percent
- Bitcoin’s one-week chart shows extremely bullish signals
- Bitcoin is not in a bear market – Willy Woo
BitcoinLinux Today – Bitcoin has not been at its best over the past couple of months. The digital currency has been mostly under the influence of the bears since it topped out at $14k in June. Since then, the digital currency has lost about 50 percent of its value. Nevertheless, the massive selloffs have stopped over the past couple of weeks, with the price of BTC flatlining in the low $7ks.
Analysts Expect BTC Price to Tumble by 20 Percent
Regardless of this, the sentiment around BTC is bearish. Many prominent crypto analysts recently said that they expect the price of the world’s leading digital currency by market cap to plunge by 20 percent over the next couple of weeks. However, a prominent Bitcoin (BTC) proponent and commentator – Hodlonaut – noted that the sentiment backdrop is the perfect place for the digital currency to “start a rip your face rally.”
Bitcoin (BTC) Price Today – BTC / USD
The kind of sentiment doldrums we are in now
People seemingly accepting that 7k is fair value
Dozens of bull narratives proven wrong
Fatigue high, hype low
Is exactly the type of place where it would be trademark Bitcoin character to start a rip your face off rally
— hodlonaut (@hodlonaut) December 28, 2019
While the comment of Hodlonaut was based on conjecture basically, there are technical signs and concrete fundamentals suggesting BTC is ready to burst higher, regardless of the 50 percent decrease in price since June this year.
Bitcoin Charts Show Extremely Bullish Signals
According to a recent tweet from CryptOmer – a full-time digital currency trader – the one week chart of Bitcoin recently showed an extremely bullish signal. The trader pointed out that the one-week Klinger Oscillator, which keeps track of price and volume to determine trends, has printed a buy for the first time since February this year when the price of BTC was below the $4k level.
Likewise, Scott Melker noticed another positive sign on the weekly chart of Bitcoin (BTC). The sign was an “enormous bullish divergence in oversold zone on Stochastic Relative Strength Index.” On the fundamental sign, the BTC network saw a record this year. The BTC network set a number of all-time records in terms of on-chain metrics.
Recently, a digital currency analytics and research startup – pointed out that the blockchain of Bitcoin set records for transaction volume in USD, hash rate, and transaction count this year. The considerable growth in transaction count apparently stems from the increasing adoption of the Segregated Witness (SegWit) solution, increasing the capacity of a block to accommodate more transactions.
Whereas, the increased BTC transaction volume this year was aided by the price action over the past couple of months. A partner at crypto fund Adaptive Capital – Willy Woo – said that based on his indicators that track investor activity, Bitcoin (BTC) is not in a bear market. Instead, Woo said that the digital currency is in the midst of a “re-accumulation” phase of bull markets.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she’s not writing, she spends time with her adorable cat, Ginger and works out often.
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