Will Bitcoin Price Bulls Takeover in 2020?

Bitcoin (BTC) has jumped about $200 in Monday as the investors are considering the crypto as the safe heaven amid the Iran/US tensions that have been ongoing since January 3, 2020. Bitcoin price is expected to move to the level of $8,500 and then to the level of $9,500.

Bitcoin Price

Bitcoin is currently reached the resistance level of $7900 and now the experts of the market are anticipating the next level to be $8500 & then $9500. As per Crypto asset analyst @CryptoMichNL $7800 was the crucial level, then it will move upwards. However, he has also admitted that  a downturn may also occur and BTC can retest the $7,400 level before a major breakout take place.

As per the Trader @themooncarl tweets, BTC is moving out of the Falling Wedge pattern and will be making a major attempt for break out. According to him, $7,900-$8,000 is strong resistance and crucial for further gains.

Moreover, throughout 2019, John McAfee, the antivirus magnate, repeated his prediction that Bitcoin will hit $1,000,000 by 2020, & stated that it is “mathematically impossible” for Bitcoin to be  valued less than $1 million by December 31, 2020. According to The Dickening, which is a site that tracks the progress of Bitcoin in accordance with McAfee’s bet, have projected that the cryptocurrency would need to grow an average of $2,763 a day to reach $1 million by the end of 2020.

Bitcoin Headwinds in 2019

In 2019, Bitcoin had witnessed heavy short selling. As per Jeff Dorman, chief investment officer of asset manager Arca, the broad-based selling was on back of more by market makers and those people that are pushing the market lower by shorting the market, rather than due to long unwinds or selling. Further, the fall in the price of Bitcoin got the support of declining trading volumes and the conversations related with BTC & other crypto in a broad manner.

Despite the headwinds in 2019, the traders & investors are bullish about Bitcoin, which is gearing for major break out. Currently this movement has got the support due to ongoing US-Iran tension.