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Bitcoin May Show Breathtaking Breakout in 2020

  • Bitcoin is going to set the new ATH in over a year!

Bitcoin- the leading digital asset is showing a significant move in the cryptocurrency market. The bullish sign is quite visible as per the market sentiments and reflecting that if the weekly candle opens above $9200, the prices can explode to a new high.

The analysts are speculating that Bitcoin bull run is soon to come in the coming weeks or months before this year ends. This time Bitcoin may go higher than the earlier bull run that burst in Dec 2017 and can set the euphoric milieu.

The evident candle of BTC is signaling the end of the 46-week dropping pattern in which BTC/USD had to suffer and clenched its growth, since June 2019.  

Bitcoin made a parabolic jump of $14000 in June 2019. During the time, the number one cryptocurrency by market capitalization rose to nearly 60%, at its highest level, from the period of approx..17 months, i.e., from Dec 2017. However, the surging price was for a few minutes, when it took a downturn and tumbled down more than $1700 after Coinbase’s website apparently crashed. 

Bitcoin’s Relative Strength Index 

On the daily charts of BTC, the Relative Strength Index (RSI), seems to be bearish, specifically, May 2020 post halving event and looming towards the overbought zone.

In Dec 2017, BTC reward post halving event- the RSI was showing signs of overbought, and it continued performing the same move. Likewise, this year BTC post halving also shows the signs of overbought, however, it’s still a time to reach to that level, and probably a slight retracement may also possible. 

Bitcoin has the charm to steal the show with its unexpected mood swings. At press time, BTC is hovering around $9760 with an overall market dominance of 64.7%, as per CoinMarketCap data. 

However, despite the variety of indicators suggesting a strong rally in BTC post halving, crypto experts are prompted to make aware the novice investors to be cautious for taking any step— as per their risk-taking capacity. And, not to move in the emotions just because Harry Potter author J.K Rowling took interest in it.