Cryptocurrency

Bitcoin Bull-Run: 3 reasons why BTC will continue to rise – and what it means for Altcoins

Bitcoin (BTC) is awakened from the descent after the holidays and clear, over $8,000 has increased. A combination of geopolitical tensions and a renewed appetite for Trading led to the BTC up to $8.360.

Bitcoin just before the entrance to bullish six-month channel

The recent price movement indicates that Bitcoin could be willing to follow a bullish scenario. Three technical indicators suggest that a new upward trend is possible, as the renowned Trader Peter Brandt writes on Twitter.
First of all, the Bitcoin price from the year, was able to buck a long Trend of higher lows. Secondly, a bullish head-and-shoulder pattern on the daily Chart. And thirdly, Bitcoin now is the Chance, in a six-month appreciation of the channel to enter – however, this movement is still not sure of the final values in the coming days depending on.

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Is priced to halve or not?

The re-forecasts, which are based on current chart movements also correspond to the expectations that Bitcoin could recover in the first half of the year 2020. The price movements also mean that BTC reached in December, its local lows at about $6,500 and the scenario of a decline on the $5,000 has to be avoided.
The Bitcoin price has again entered a Phase of active Spot trading that can not afford on a “One to hold BTC”-setting is based. The Trading activities have increased yesterday to over $30 billion, as the price has risen above the $8,000 of milestone.
BTC continues to January, now with a new support level at $7.800-$7.900 and potential for further price development.

The current price movement looks to Bitcoin in General in a long-term bull market, which is assumed to be lows in the $3,200 in December 2018. Despite the temporary fluctuations in the BTC remained most of the time, the $6,000, where the Trend towards a slow increase is still obtained.
The other question the time of an Altcoin-season (“Altseason is”). For the time being, the main focus is on Bitcoin, has expanded its market capitalization dominance to 69.1%. There is also the possibility that the higher BTC prices Altcoin-trigger speculation and it comes as a result of a new Altseason, however.
The renewed rally has also sparked the Theory that the halving is still not priced in and lead to a new price increase could.

The rally of the Bitcoin bulls also affects Litecoin (LTC). The Asset moves in the same pace and in the first week of the year 2020, around 14%.
The current price brings the crypto-currency number 1 is closer to your sliding 200 pre-day moving average, a Golden cross, however, is away for a while.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.