- Bitcoin (BTC) faces hurdle at the $9k level
- The price of Bitcoin may skyrocket soon
- Bitcoin price prediction: BTC will trade at $20k in July this year
Bitcoin News Today – Since Bitcoin (BTC) experienced a parabolic price surge of more than 300 percent last year, investors have been asking for more. The digital currency has not posted such huge gains since then. Bitcoin ended 2019 by shedding most of the gains it amassed during the parabolic price surge. However, it seems that this year may be the start of something huge in the BTC space.
Bitcoin (BTC) May Skyrocket Soon
Byzantine General – a prominent digital currency trader – who in an analysis earlier this month pointed out that the BTC bottom most likely came in at $6,400. He pointed to a chart showing the one-month chart of Bitcoin with the so-called Heiken Ashi candles, which enables traders to spot market trends and predict future prices than with normal candles.
Bitcoin (BTC) Price Today – BTC / USD
The fascinating thing about this chart is that the present monthly candle for this month is printing a green Doji pattern. This suggests that the long-term price trend of BTC is turning positive and that there is a looming macro reversal on the horizon if the rally to $9k does not count. This simple candle formation is suggesting that the price of Bitcoin (BTC) is about to skyrocket by maybe hundreds of percent from here.
Oh… Oh my. pic.twitter.com/LN5lQFftJW
— Byzantine General (@ByzGeneral) January 17, 2020
The chart above shows every time the Heiken Ashi candles flip from red to green for BTC every month. It is somewhat difficult to tell exactly what is going on due to the fact BTC has traded on several orders of magnitude over the past decade. However, the chart shows that the monthly green of the Heiken Ashi candles has almost always resulted in massive upsurges that push the price BTC by thousands of percent.
Nevertheless, the formation of the signal is not yet complete. It is presently only Jan. 18, which means that it is remaining two weeks for the monthly candle to close. However, with many analysts and traders charting near term upside for BTC towards the $10k level and beyond, the monthly candle is more likely to end this month in the green, boding very well for the bulls.
Bitcoin Could Trade at $20k by the Middle of This Year
A pseudonymous analyst – Financial Survivalism – who gave a bullish prediction last week that BTC price will surge over the $8k level when it was trading at around the $6k level, recently said that the price of BTC could surge to $20k by July this year.
Bitcoin recently broke over the $9k level but encountered a strong hurdle on the upside. At press time, BTC to USD price is $8,880 with the next major resistance at $9,000.