Our Bitcoin price forecast for 2020 said that Bitcoin continues to be in a secular (long term) bull market. 2019 was a transition year, 2020 would become the year in which Bitcoin sets the stage for a continuation of the grand bull market. This was also confirmed in our 7 Must-Read Cryptocurrency Predictions For 2020. Today, the first week of 2020, we start seeing signs that our forecast might be materializing.
The Bitcoin weekly chart says it all.
It is so funny that all the social and financial media fuzz is centered around charts that mostly tell nothing. It is very easy to create charts in 2020, but it seems to have become a real challenge to find the ‘right’ chart in 2020.
The weekly Bitcoin chart embedded in this article shows the end of the 2018 downtrend, the reversal in the first quarter of 2019 with the subsequent breakout and rally. It also shows the 6 month downtrend.
What is interesting is that even a small child can spot that the ongoing downtrend looks to be softening.
We use also the term ‘reversal’ to indicate that the correction may be ending, and creating a transitioning period until the bulls take over control.
Note that the Fibonacci levels are indicated on below chart. Currently the consolidation (reversal) happens at the 0.50 retracement level. It is THE perfect level to end a retracement.
A few weeks we were getting messages from followers challenging our idea about a continuation of Bitcoin’s bull market. They were about shorting crypto markets, the end of the crypto bull market, ‘how could you not have seen that the bull market ended in November’, and all sorts of related believe-social-media-gurus messages.
We are on record calling for an increasing probability of crypto and BTC to become THE contrarian play of 2020. The fact social media gurus are not talking about this should ring a bell.
We are starting to get excited about cryptocurrencies in 2020. We will decrease our top 10 crypto portfolio to 5 must-have cryptocurrencies for 2020 and beyond. Follow our crypto investing research to be the first to know if the reversal is confirmed and how to play the next breakout.