Bitcoin Weekly | New ATH After... $6.3K or $4.7K 2020 Bottom?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) reached a peak price in late June... Old news, and moved down to test EMA10...

After some consolidation, EMA10 was broken and now Bitcoin's price is trading just above EMA50.

Looking at the bearishness of this chart, EMA50 can breakdown next just as EMA10 broke.

If this level breaks, the next support is sitting at around $6,350 or EMA100.

From this level, we can expect a strong bounce and a nice run until Bitcoin's price starts to drop in preparation for the 2020 Halving hype. This bounce can push BTC over $11,111...

The halving will be promoted as an event that will push Bitcoin to new highs and many beginners will start buying en-mass... Bitcoin will crash hard and only after the halving it will start a new slow and steady growth process.

This is of course just one scenario based on past history, chart signals, and experience.

After EMA100, we also have EMA200 (orange) & MA200 (black), these are the strongest support levels based on these indicators and where the reversal happened back in December 2018.

It is also possible that MA200 is tested again and I believe this to be the lowest price possible for Bitcoin in 2020. That is around $4700 USD.

I am not saying that Bitcoin will go this low next year, instead, if EMA100 does break then this is very likely where the bottom will be.

I think the ~$6000 area is very important in deciding if Bitcoin goes lower or if it reverses... It all depends on how this level is handled.

There will be lots and lots of changes coming up worldwide in 2020. There will be many life-changing events affecting each and every one of us.

So it is hard to go that far without knowing how big and with who is going to be the next war.

After the 2020 low is hit... Bitcoin ( BTCUSD ) will move to new highs and grow for years to come.

That's my prediction...

Don't think so?
Do you agree?

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Hi alanmasters, very useful comment as usual. I tend to agree that we could see lower bottoms tested between now and next halving. Just curious, what is the main reason you sound more bearish compared to your previous post yesterday?

Please keep on posting your very good analysis
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