Crucial Indicator Shows Bitcoin Price 250% Higher in 2020
This year has begun for Bitcoin in the best way. Professional traders and analysts confirm that the BTC price may reach new high-levels, as well-built and expert indicators support this point of view. According to a recent analysis, the BTC could hit the $20,000 level, as it hits crossroads with a bias-demonstrating indicator.
The criterion digital currency’s recent move upward caused it to re-confirm its twenty-weekly moving average today. Moreover, as regards the current indicator, it demonstrates a real situation to delineate long-terms trends of BTC. When the digital currency breaks above the MA, it focuses on parabolic bull runs, according to the chart.
Last year, it was already seen in April. For instance, the exchange rate of BTC to the dollar completed the yellowed twenty-weeks MA over the previous fifteen months. As a result, it was not hard to see the upside rally by at least 250% on many crypto exchanges. Ahead of this historical upswing, holding below the twenty-weeks, MA forced the leading digital currency to remain in the bearish move. Notably, the price plunged to almost 73%.
The Current Bitcoin Scenario
As we mentioned earlier, the exchange rate between the dollar and BTC hit above the twenty-weeks MA. For instance, many traders decided to close the long positions near the MA curve to secure their profits. Moreover, in 2019, Bitcoin has managed to pass over above the indicator on various causes. The performance of the third week in October 2019, demonstrated that the major cryptocurrency is closing above the MA.
However, some serious news didn’t affect the rally as many analysts and traders expected it. The crypto community members failed to predict that China’s decision to push the blockchain industry could shove the price.
Currently, the main focus in the world is kept by Iran and U.S. relations, as the American government decided to attack Iran. As a result, Qassem Soleimani was killed after the drone strike.
Such international conflicts force some investors to reconsider their capital assets. For example, major investors switched their attention to cryptocurrencies instead of main resources, such as oil and gold. According to that series of investors’ decisions, many experts believe that Bitcoin now has a better reputation in terms of investing, as it had in previous years.
Possible Threats for Bitcoin
Nevertheless, it is worth mentioning that traders and investors may still face some risks. One of them is that BTC approval of the twenty-weeks MA can be its medium-term resistance. The worst scenario is that BTC price may plunge back to the $6,000-6,500 level, which is not the first time according to the digital market trends and cases.
Bitcoin is reacting better to international conflicts and news, as some of them may apply a zero effect on the price. Nonetheless, experienced crypto traders and investors can witness the rise of digital Phoenix. Mainly, the price has many chances to get a 250% jump and hold the $28,000-28,500 level.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.