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Bitcoin Prize: A “legendary” Golden Cross could bring BTC 2020 to new heights

Bitcoin Prize: A "legendary" Golden Cross could bring BTC 2020 to new heights

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A legendary long-term technical Bitcoin price indicator could pave the way for brighter days next year.

The short-term picture for BTC seems pretty bleak. Since peaking this year, the Digital Asset has corrected 47%. A few hours ago, the Bitcoin price dropped back to $ 7,150 and seems to be moving towards $ 7,000 this way.

The six-month downtrend seems to be unbroken at the moment and further pains are expected before the end of the year. Anarrowing of the Bollinger Bands on the daily chart indicates a speedy move.

A continuation of this sentiment will bring the bitcoin price within a month into the $ 6,000 range. Longer time-frame charts show that BTC is supporting the 50-week average, but a downward movement to the 200-week MA is not excluded.

This is currently at the $ 5k level and could provide the Bitcoin price with the platform for a higher bounce and thus the beginning of another bull run. A dip in the mid $ 5k range would provide plenty of accumulation opportunities.

If the story repeats itself, 2020 for the king of the cryptocurrencies should actually become legendary.

Pain before the profit

According to crypto-trader ‘Cantering Clark’, nothing has changed yet, accumulation has not happened yet – and that means there will be more pain before BTC goes up.

“The interpretation starts when the direction is less certain. This is not accumulation, it is a feeble attempt to recapture an important level. We go further down.”

There must be a final shakeout before an upside can begin – as the analysts seem to be on the same page as the Bitcoin price.

The crypto markets have fallen below $ 200 billion again in terms of total capitalization. However, according to Tradingview.com, Bitcoin’s dominance remains high at 69%.

The hash rates for the network are also bullish: they remain stable and even exceed 100 EH/s this week. This indicates that the miners have not yet started the capitulation.

Conclusion: The fundamentals remain sound – and all indicators point to a wild development of the Bitcoin price in 2020.

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