Bitcoin has been on a rollercoaster over the past few weeks, and we’ve been focusing on the short-term prices.
We’ve managed to call a couple of big moves, netting some tasty profits along the way, but what does the future hold?
More experienced traders are planning for the tail end of the year, and if our charts are right once more, then we could see a decent rally.
Bitcoin to $19,000? We Think So!
Bitcoin has been struggling to break through the $14,000 region, getting pushed back down to $10,000 and $11,000 time, time and time again.
After a nice 3% increase over the weekend, Bitcoin is now entering a short consolidation phase, and we could see it drop to around the $11,100 range.
We’re going to stop looking at the short 1hr charts for this post and focus on the long-term.
Adjusting the scales to 2-week candles, we start to get a clear picture of what’s going on.
Over the next few months we’re going to see Bitcoin test new RSI and MCAD levels, forging its way close to $19,000.
By mid-September Bitcoin should be firmly set around $13,000, preparing for a short consolidation phase before a push up towards $14,000 in early November.
From there, it could go one of two ways. There will be a consolidation phase, but if the bears take hold of it, then Bitcoin could drop back down towards $11,000.
However, the current trendlines on the 2-week charts suggest there is a very outside chance of this happening, with a push up towards $19,000 the most likely outcome.
If you really don’t mind waiting to make some good profits, it’s definitely a hodlers market. The longer you hodl, the more you’ll see in gains.
Now, we know that a lot of you don’t really want to wait until December to get your hands on a ton of money for your Bitcoin, but it’s worth it – we promise.
For those of you looking at shorter time frames, our previous price analysis is still holding true, pointing towards a brief push for $12,400 in the coming weeks.
Placing a sell up at $11,900 will net you some good profits, while buyers might want to hang on a bit longer.
A good buy price right now is at the lower end of $11,000 and down into $10,000. If you can get in at these prices then you’ll have yourself a bargain and will be nicely set up to take profits in December!
Let’s Wait and See
A lot can happen in 3 months, so let’s keep our eyes on the charts and keep adjusting our expected positions.
We’ll continue to monitor the situation and keep you posted on what changes. But as long as things remain on the current path, then we should be set up for a cracking end to 2020 and a brilliant start to 2020.
All about the train to new all-time highs – not long to go!