Bitcoin bears might be gone for good. Here’s why

January 7, 2020 4:40 pm Published by Leave your thoughts

First of all I’d like to wish a happy and prosperous new year for everyone reading ynef.net. I know there are a few regulars here. Cheers! 😉 I realize I haven’t been very active and I haven’t written anything for more than 6 months. Oof! But that’s okay. I just haven’t had much to say.

But I do have something to say today. You guessed it, it’s about Bitcoin. I’ve been tracking the price movements every day for the past 6 months. Also I’m happy to say I could finally close my short towards $7k in profit. Kind of a close call if you ask me, but that’s how I roll.

Bitcoin ATH this year?

Bitcoin has bounced off nicely from support at $6430 USD and has been gaining ever since December the 18th. What’s more, both the Ultimate Oscillator and Relative Strength Index on the 1W chart are super bullish once again. Last time these indicators went bearish the price of 1 Bitcoin was around $12,000 area so I’m fairly confident about these two on a long term chart.

MACD, RSI, Ultimate Oscillator on 1W

And finally MACD is making higher lows every day. Couple that with a close above Simple Moving Average (10) on the weekly and you have yourself a strong bullish uptrend on the longer time frames. These should be good for 3-6 months depending on how the market reacts.

Bitcoin as a safe-haven during political crisis?

As for the fundamentals, well, I believe president Trump has helped quite significantly with the impending threat of WW3. Not a fan of wars at all, but it’s times like these where Bitcoin has a chance to prove investors once and for all that it can indeed act as a safe-haven just like Gold. I guess only time will tell if that’s truly the case.

Regardless of the recent political turmoil, you can’t ignore the fact that everyone and their dog is expecting Bitcoin to move to a new All Time High around spring/summer when the block halving event is taking place. Bitcoin’s price has historically doubled on every one of these halving events and with more and more investors getting their hands on some BTC, it wouldn’t surprise me at all if we see the next ATH in summer.

So what’s the trade?

I’m already locked and loaded. The buys have been triggered. Medium term target $12,000. Long term: ATH and beyond.

It’s going to be an interesting year for Bitcoin and all of crypto as a whole. I anticipate Ethereum will do great too as more dapps are being launched and new people (hence, new money) is jumping on the crypto roller coaster of degenerate gamblers. I love you!

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This post was written by ynef