Is Bitcoin planning another increase?

  •   20/05/2020 - 16h46
  •   HARMANT Adeline

While many investors are still expecting Bitcoin to go down, some are beginning to bet on a bullish recovery in this and other values in the crypto-currency market. However and with the persistence of the current crisis, one can logically wonder if this trend will continue. We offer you our explanations about this value and its most likely growth prospects.

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Is Bitcoin planning another increase?

A still uncertain evolution :

Indeed, and based on recent chart data, bitcoin prices appear to be moving between up and down. Thus, some analysts say that this value can still fall further and end up in the $2,000 zone. These predictions go against the rise currently seen in this market. Indeed, let's recall that Bitcoin has been following a positive trend since it hit and even broke the $4,000 psychological support.

Moreover, we know that the price of Bitcoin sometimes holds some real surprises, particularly because of the current economic situation and the crisis that is affecting the entire world. In this specific context, it is indeed possible that a strong correction may indeed take place, especially if the decline in other financial markets continues.

 

Towards the $10,500 resistance level?

But while many analysts are pessimistic about the future of Bitcoin, others are embarking on bullish forecasts. The cause of this craze is probably to be found in the fact that this value seems to have been playing for more than ten days with the $10,000 level. This trend is explained by the FOMO's excitement about halving.

Among the proponents of this theory is Jason A Williams, who echoes the words of Tuur Demeester, a well-known historical player in this market who started speculating on Bitcoin when it was only $5. His position is in favour of a very strong uptrend in Bitcoin which could reach $50,000 in the worst case scenario.However, these scenarios do not give a specific timeframe but represent a real opportunity for a long term strategy for traders.

This analysis focuses mainly on the resistance of the $10,500 which is currently fuelling all covetousness. Indeed and if the crisis situation remains present, the same applies to the movement resulting from the halying, not to mention that the price of this value continues to rise.

Of course, it should be pointed out here that if this resistance holds and its passage is rejected, signals of relapse will predominate and a bearish correction should be expected. We must therefore be on the lookout for further events and be ready to take a position to buy or sell according to the first strong signals.