Is This New Bitcoin Rally Just The Beginning to a $50k BTC Price by The End of 2020?

Is This New Bitcoin Rally Just The Beginning to a $50k BTC Price?

Bitcoin‘s price has been on a bull run over the pass couple of days, taking alone the majority of altcoins for the ride. The new Bitcoin rally shot the price near $8,000 for the first time in weeks.

Currently trading at $7,927 (+6%) dollars per coin, some analysts are predicting that Bitcoin is poised to break resistance and reach at least $8,000 by the end of the week. Is the new bitcoin rally or surge the start of something bigger than merely an erratic price surge?

Related read: Bitcoin 2020 Price Predictions from Some of the Globe’s Most Influential People

Although the price of bitcoin has been rallying over the past couple of days, some analysts are skeptical of the new momentumTraders, on the other hands, are viewing this new Bitcoin rally as a bullish trend that will last this time around.

New bitcoin rally is here to stay

Crypto analyst, Josh Olszewicz, who is involved with the market data on demand project, Brave New Coin recently observed an inverse chart pattern. The patter noted that Bitcoin has bottomed out and ready take off.

Olszewicz stated that BTC’s price should $7,525. That price point was reached earlier today. He also claim BTC will rally $8,100 from to $8,700 once the $7,525 price point is breached. That’s a 8% and 16% price surge.

Read: Bitcoin vs Gold: BTC Can Reach $250k & Take 50% of Gold’s Market Share – Says Brian Kelly

We’re not yet sure of a $8,700 in the near future, but he was spot on with the first prediction. In fact, BTC shot pass $7,525. Mr. Olszewicz outlined a few important resistance points Bitcoin has to break.

Amongst the key resistances are, the “200-day exponential moving average, the daily Ichimoku Cloud, a yearly pivot point, and the weekly 20 moving average.”

Bitcoin long-term bulls re-emerging

CryptoZink reported the release of Bitcoin Hash Ribbons’ “buy signal” on Jan. 3rd. According to previous reports, only 10 of those signals are ever released.

And BTC’s price surged to 5,000%+ each time. Could this week’s bitcoin rally solidify HB’s reputation as the most accurate and profitable market signal?

Also see: Bitcoin Buy Signal Posted By Hash Ribbons Indicator – a BTC Winter on the Horizon?

Su Zhu, CEO of Three Arrows Capital; a cryptocurrency & forex fund tweeted on Dec. 28 that Bitcoin price is seriously bullish going into the year 2020.

Zhu cited BTC/USDT and BTC/USD trading pairs analysis price actions as evidence for his BTC bullish price prediction.

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