BTC - Bitcoin likely to perform even better in 2020 than 2019
Bitcoin had a solid 2019, but 2020 will likely be even better
At one point in 2019, bitcoin was up roughly 300%.
This was in late spring and early summer when the price got up near $14k.
It wasn't able to hold those gains throughout the year though and finished 2019 with gains of roughly 100% year over year.
Still solid gains any way you slice it.
However, 2020 is setup to eclipse those solid gains.
Why is 2020 going to be so good?
This year has a couple major positives going for it.
Besides much of the macro stuff I talked about already in this post:
https://steemit.com/bitcoin/@jrcornel/btc-perfect-storm-is-brewing-for-massive-bitcoin-rally-in-2020
Bitcoin has a couple seasonal and technical indicators on its side.
The first being that bitcoin is now above its 200 day moving average:
(Source: https://www.tradingview.com/symbols/BTCUSD/)
Historically, anytime bitcoin is above its 200 day moving average it has returns of roughly 200% in the following 6 months.
Not too shabby.
Plus we just had a MACD cross on the weekly charts, which the last 2 times we saw one of those was the during the run up to $14k in 2019 and then also during the run up to $20k in 2017.
This latest cross is likely foreshadowing a major rally is on the way.
Also, January is normally a rather weak month for bitcoin prices...
In fact it is one of the weaker months overall:
However, this year we have already seen stellar returns in January with bitcoin closing the month up some 30%.
Of the past 3 times January was strong for bitcoin, the rest of the year was very strong as well.
No guarantees this pattern holds up again, but with the halving happening this year as well as a slew of macro bullish factors I think we are going to see bitcoin best even the 300% it was up last year at some point this year.
In fact, there is even a decent chance it ends the year up at those levels.
Stay informed my friends.
-Doc
Thanks for the nice spread sheet data there Doc, very informative. Yes the bull run in the coming 2 years should bring the smile back to BTC hodlers.
That is exactly what I am thinking. How high do you think bitcoin gets this time around?
#Bitcoin is pumping right now already @jrcornel :)
Yep, will it go for $10k today?
thanks, your posts are always very interesting
Seeing how strong January has been for the overall crypto market, including Bitcoin, it sets a pretty strong precedent to how it'll perform for 2020. I do think Bitcoin will perform even better for 2020, and most likely we'll see new ATHs above $20,000, too! We still need to break that $10,000 barrier first.