Bitcoin Market Forecast: Bulls Are Ready, New Highs Approach
Bitcoin recorded its best performance for the month of January since 2013 driven by safe-haven buying as global equity markets linger unstable following the outburst of the coronavirus from China.
The digital currency was up over 29% in January as the market capitalization or value of all bitcoin in circulation rose by $39.7 billion. The percentage growth was the best since January 2013 when bitcoin was up 54% for the month.
The majority of traders and analysts confirm that Bitcoin is going to face another bull run. In the long-term rise in price of Bitcoin, Omkar Godbole, an analyst at Coindesk, is also confident. However, he noted that the value of cryptocurrencies could soon decline to the support level of $ 8867, expressed by a 200-day moving average.
If it doesn’t stand it, this could provoke even greater sales of Bitcoin, because of which its price is likely to fall to $ 8500, the expert suggested. But even in this case, the rate of the first cryptocurrency will adhere to an upward trend as long as it remains above $ 8000, Godbole believes. One of popular traders on Twitter, shared his opinion regarding the altcoins and Bitcoin performance as well.
The Bitcoin exchange rate will rise to $ 15,000 by mid-2020, said Jehan Chu, co-founder of Kenetic Capital Venture Fund, in an interview with CNBC. In his opinion, the upcoming halving, panic due to the outbreak of coronavirus, and global economic instability create ideal conditions for the price increase of the first cryptocurrency.
“Bitcoin halving, stock market fluctuations, and the recent rise caused by fear of a pandemic are another reminder that the first cryptocurrency is a significantly less risky asset and offers potentially huge profits. Bitcoin is ready to dash up to $ 15,000, it will happen by mid-2020,” explained Jehan Chu.
Analyst Yuval Gov also emphasized the likelihood of a rise in the price of Bitcoin. In addition to the 200-day moving average, the value of the coin will be hindered by the 38.2% Fibonacci correction level, which is located at $ 9075. If he does, the asset is likely to rise to $ 9300-9450, and then to $ 9600, Gov is sure.