- Bitcoin set to end the year in a bullish note
- Bitcoin may surge over its previous all-time highs in 2020
Bitcoin News Today – The bulls had very strong control over Bitcoin (BTC) through the first half of this year. However, the bears decided to take over from the bulls in the second half. The bulls were able to take the price of the digital currency towards the $14k level while the bears brought it down to $6,400.
Since Bitcoin recovered from the $6,400 range, it has been trading sideways around the $7k zone. Nevertheless, the price action of the digital currency seen in the New Year may prove to be overwhelmingly in favor of the bulls, as several bullish factors could push the price of the digital currency higher to, or even over, its all-time highs.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin May Surpass Its Previous All-Time in 2020
At the time of writing, Bitcoin (BTC) is changing hands at $7,428 after an increase of less than one percent over the past twenty-four hours. This marks a considerable growth from the lows of $7k that the digital currency tested earlier this week during a fleeting and sharp selloff. While the recent performance of the coin has not been impressive, it is crucial to note that the digital currency is trading up significantly from its year-to-date low of $3,400 that was set at the beginning of this year.
Its enormous upsurge from these lows means that the digital currency is on track to end 2019 on a bullish note. An array of different factors noted by CryptoBirb is further enhancing this bullishness. In a recent tweet, the analyst noted that next year would be a great year for Bitcoin (BTC) because of a recently formed golden cross, rising open interest on futures, bullish descending channel, and more.
We argue over short-term moves but big picture is clear👀
Let's rock 2020💰
Who's with me? pic.twitter.com/SmbIu5CgFB
— CRYPTO₿IRB (@crypto_birb) December 23, 2019
CryptoBirb also pointed out other notable factors such as the increased trading volume on platforms like Bakkt. The hash rate of Bitcoin is also trading right around its recently established all-time highs.
Bitcoin Is In The Last Accumulation Phase before the Next Major Parabolic Bull Phases
A popular digital currency analyst on Twitter – Willy Woo – recently explained that the on-chain investor activity of Bitcoin (BTC) points to the possibility that the digital currency is currently in the last accumulation lap that historically precedes major parabolic bull runs.
“Are we in a $BTC bear market? No, we are in the re-accumulation phase of a bull market,” he explained while pointing to the chart seen below.
Putting all these factors together points to the possibility that next year would be a very bullish year for BTC. If history repeats itself, the digital currency might test a new all-time high.