The crypto market has been a disappointment lately. Lackluster bitcoin price action has intensified overall selling activity. But things are in for a welcome change, as BTC is expected to explode next year.
Bitcoin Price to Exceed Previous ATH
China has made it’s pro-blockchain and anti-crypto stance pretty clear. The People’s Bank of China issued warnings pertaining to cryptocurrencies disrupting the nation’s economic and financial order. Governments of top tier cities, including Beijing, Shanghai, and Shenzhen, put up risk alerts to the public warning of “illegal fundraising”, financial frauds or pyramid selling.
Latest crypto trading crackdowns in China or the usual BitMEX long liquidations could have caused bitcoin and crypto markets to slide. But it hasn’t deterred a crypto analyst from sharing his long-term bullish outlook for next year.
According to Amsterdam-based trader and technical analyst, Crypto Michael, bitcoin’s long-term trend is still intact. In one of his tweets from yesterday, Michael said:
$BTC #BITCOIN All in all, the long-term trend is still fine, aside from a parabolic explosion earlier this year (which is an outburst to the upside). Keeping the trend intact -> market is fine. Onwards to $20,000-25,000 in 2020.
All in all, the long-term trend is still fine, aside from a parabolic explosion earlier this year (which is an outburst to the upside).
Keeping the trend intact -> market is fine.
Onwards to $20,000-25,000 in 2020. pic.twitter.com/uednu3jgo4
— Crypto Michaël (@CryptoMichNL) November 23, 2019
This sentiment was reiterated by bitcoin stock-to-flow propounder PlanB when the market entered a rapid downturn mode. With a 17-20% drop, it was just another day for bitcoin price, according to the seasoned analyst. He went on to say:
Some people panicking about this -17% week. It’s just normal #bitcoin behavior. Note we are still up 2x YTD. And yes, S2F model is just fine, nothing out of the ordinary.
Some people panicking about this -17% week.
— PlanB (@100trillionUSD) November 22, 2019
2020: BTC Halving and a Bullish Cycle?
Seems it is quite difficult for mainstream media outlets to understand bitcoin’s supply-price mechanism. It is in situations like these when bashers and haters see an opportunity to ‘corroborate their critical thoughts’. When ‘Dr. Doom’ Nouriel Roubini did something similar, it didn’t come as a surprise. However, Blockstream CSO Samson Mow today provided a convincing argument as to why ‘bitcoin was down’. The upcoming BTC halving will take care of the volatility he said:
Bitcoin is down because we’re still in the phase where we mint 1,800 $BTC a day. At $9,000 price levels, $16.2 million a day is required to maintain a stable price. The upcoming halving will fix this. Weak hands can GTFO.
Bitcoin is down because we’re still in the phase where we mint 1,800 $BTC a day. At $9,000 price levels, $16.2 million a day is required to maintain a stable price. The upcoming halving will fix this. Weak hands can GTFO. https://t.co/05j6nc5Wci
— Samson Mow (@Excellion) November 24, 2019
Along with the above, it is important to note the data-laced predictions of crypto market analysis firm, skewAnalytics. As per skew, bitcoin price is in for a ‘bearish short-term’ action until November ends. BTC is supposed to trade on a neutral note in the medium-term up until December. The benchmark crypto asset will assert a proper long-term bullish outlook from March next year, the firm concluded in a tweet. Bitcoin’s yearly performance this year against major altcoins also supports skew’s aforementioned claims.
Do you think bitcoin will follow a bullish roadmap next year? Let us know in the comment below!
Images via Shutterstock, BTC/USD charts by TradingView, Twitter: @CryptoMichNL, @100trillionUSD, @Excellion