Bitcoin (BTC) has had a great start to 2020, rallying 16 percent higher from the $6,800 lows put in last week. Although some say it is too early to tell if the cryptocurrency market is out of a bear phase, a prominent analyst who called this latest move is convinced BTC has further to surge.
Bitcoin to Eclipse $20,000 by July?
Financial Survivalism, a pseudonymous analyst that last week called Bitcoin’s surge into the $8,000s when the asset was trading in the high-$6,000s, recently posted a TradingView post entitled “Why I believe Bitcoin will retest All Time Highs by July 1, 2020.”
While this may sound lofty, he went on to rationalize the prediction, drawing attention to an array of technical signals implying that bulls are about to assert a large amount of control over the market:
- The Lucid Stop and Reversal has printed a bullish candle for the first time since July 2019, when BTC was trading well above $10,000.
- The Average Directional Index on a daily basis has seen the first bullish crossover since March 2019.
- The one-week Relative Strength Index for Bitcoin is “getting ready to test 50,” a level that if broken through may imply dramatic upside.
- The one-day Ichimoku Cloud has formed a bullish TK cross.
Drawing attention to a number of other signals, which took the form of charts, Survivalism concluded that he expects “Bitcoin to retest all time highs by July of 2020.” This means that he expects BTC to rally 150% in some six months.
Others Agree With Lofty Sentiment
Financial Survivalism isn’t the only crypto analyst or industry insider to think Bitcoin is going to hit its all-time high this year.
Sonny Singh, the CCO of cryptocurrency payments company BitPay, recently sat down with Bloomberg to give his latest updates on the cryptocurrency market.
During the segment, the executive was questioned about the fundamental factors that could thrust Bitcoin higher in the coming 12 months.
Interestingly, he didn’t look to the impending block reward reduction in May 2020. Instead, he cited the “unforeseen things” in the cryptocurrency space.
The executive suggested that if a country like China or India legalizes BTC, if other companies at a similar caliber to Facebook enter crypto, or if we see more macroeconomic events, BTC could surge towards his target. Touching on auxiliary trends that could boost Bitcoin’s price, Singh cited the following two:
- Fidelity has launched its institutional-grade cryptocurrency investment and custody service for its institutional clients, potentially acting as a gateway for a large influx into the Bitcoin markets.
- Square has hired a number of crypto-centric engineers to make BTC more usable and adaptable, potentially increasing demand for digital assets over time.
As to where he expects the price of Bitcoin to reach in 2020, he also looked to $20,000, just like Financial Survivalism.
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