Bitcoin Might Peak at $20,000 In 2019, According to Analysts

The new peak set by the Bitcoin price this year was on Friday, when it reached $5,796.93. The trend has kept going up at 54.08%, bringing the asset’s total recovery to 82%, preparing the cryptocurrency for a new record high.

According to CNN’s analysis, Bitcoin price will keep on rising and go over the $20,000 peak we witnessed at the end of 2017.

Bitcoin To Soon Reach a New Record High in 2019

The report stated that there are three reasons why Bitcoin will reach the record high:

“Reason 1: Moving Averages Mimic Historical Pattern from 2015

Reason 2: Relative Strength Index Rages Bullish

Reason 3: The Bitcoin Price Formed a ‘Golden Cross’”

Looking at the predictions and data provided by financial experts, analysts, and benchmark results, the price of Bitcoin will undoubtedly go higher this year.

Reason 1 – Peter Brandt noted in a Tweet that the Bitcoin is experiencing the same moving averages from 2015:

The same thing was claimed by Robert Sluymer, a technical strategist at Fundstrat (Wall Street strategy firm), who thinks that bitcoin is tearing into a bull market.

Now Bitcoin is over the 50-weekly MA, so the possibility of bull run is pretty high.

Reason 2 – The relative Relative Strength Indicator is over 53.65, with the buying sentiment also increasing.

Reason 3 – The last Golden Cross Bitcoin witnessed was in October 2015 when it was priced at $300, later bringing the price close to $20,000. This April, it formed a Golden Cross, which could spell good news for the next months.

At the moment, Bitcoin is trading at $5,700, but looking at all the reasons provided by CNN’s Yashu Gola, we will see the price reach and go over the $20,000 mark, “perhaps even sooner than many bulls expect.”


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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

2269 Articles

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CEX.IO

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Coinbase

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Binance

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BitStarz

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1xBit

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