Bitcoin To $20K April 2020? | Future Projections
From using this curved model chart starting from 2011 and the fact not too many people are giving up on the bull market yet even after the rest drop, it seems like Bitcoin may actually continue to drop & move sideways until we touch the bottom curved line around EOY 2019.
I think it's safe to assume $6.2k-$7.0k is not out of the picture, though I wouldn't be too surprised if the bottom of this downtrend is already in around $7.7k.
Regardless, I expect Bitcoin to hit around $20,000 by May 2020 which is now only 7 months away.
Historically, before a halving event in BTC & even in LTC, the price rises dramatically 1-2 months prior to the halving.
Using the Fibonacci Retracement tool from the past market cycles, it shows the next stop after the .618 is reached & a correction is complete is the 1.0 level (ATH) followed by another retracement just a bit above the .618 again before we break the ATH price.
I have pretty high expectations for this to play out for BTC:
- More sideways movement & potentially more of a fall to around $6.5k by EOY 2019
- A steady trend up to $19.6k price range around April 2020.
- Choppy price & beginning of a correction during the halving event
- Correction down to around $14.8k after the halving into July/August 2020.
- Break of ATH near the end of 2020 which should rocket us to around $40k.
Thanks for reading! Follow me on Twitter for more analysis on BTC & Crypto: @CryptoSteiner
I think it's safe to assume $6.2k-$7.0k is not out of the picture, though I wouldn't be too surprised if the bottom of this downtrend is already in around $7.7k.
Regardless, I expect Bitcoin to hit around $20,000 by May 2020 which is now only 7 months away.
Historically, before a halving event in BTC & even in LTC, the price rises dramatically 1-2 months prior to the halving.
Using the Fibonacci Retracement tool from the past market cycles, it shows the next stop after the .618 is reached & a correction is complete is the 1.0 level (ATH) followed by another retracement just a bit above the .618 again before we break the ATH price.
I have pretty high expectations for this to play out for BTC:
- More sideways movement & potentially more of a fall to around $6.5k by EOY 2019
- A steady trend up to $19.6k price range around April 2020.
- Choppy price & beginning of a correction during the halving event
- Correction down to around $14.8k after the halving into July/August 2020.
- Break of ATH near the end of 2020 which should rocket us to around $40k.
Thanks for reading! Follow me on Twitter for more analysis on BTC & Crypto: @CryptoSteiner