The 2020 is just a few steps, and the big question that comes to investors in the market crypto, or those who think to be, is which can be the price of Bitcoin to 2020. In this post I will try to reveal it, or die in the attempt. But it happens nothing strange in the criptomundo, the price of Bitcoin, it will end up in the range of US$ 7,000 to US$ 7,500, far below the expectations of many (myself included). In what staff believed that the Bitcoin was going to close the year closer to 10k than 7k, but hey, the only one that always has the reason is the market, no one else. If we look at the graph of the price of Bitcoin for the last year, we can say that we are in a “mid-point” between the annual maximum of US$ 13,500 and the minimum of US$ 3200 of December Graph of the price of Bitcoin in the last year
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Predictions of the price of Bitcoin to 2020
If you read the experts criptomercado you will find predictions of all kinds, some conservative US$ 10,000, others moderate as the$ 25,000 that predicts Tom Lee, and then we have the eccentric John McAfee says he will reach exorbitant amounts like $ 1 million. In most of the cases, the predictions are more an expression of desire, as it is not based on anything. For sure nothing can predict with accuracy what will happen in the future, by more guru, that is. There can be only good approximations… Now, in the day of yesterday, I was present at the seventh edition of laBITconf in the city of Montevideo, where in one of the panels is presented a trader predicts that the Bitcoin can reach up to a million dollars. The interesting thing is that he gave the basics of why you might do it.
The prediction of Fausto Botelho
In summary, Botelho used the famous Waves of Elliot, developed by Ralph Nelson Elliott in the early NINETEENTH century, to explain his technical analysis and his projection of where the price of Bitcoin may reach $ 1,000,000. The theory of Elliot, who takes his foundations of the theory of Dow, explains that the markets have cycles of a bull; and they in turn are made up of 5 waves subdivided into 3 shock waves and 2 corrective. These corrective waves are never going to drop below the start of wave predecessor; so that it is generally a fibonacci retracement of between 38.20% and 61.8% of the wave above. According to his analysis, the price of Bitcoin should never fall below the US$ 3.200, and then make a movement expanding up to 20k, having as first objective the 50k. And if the wave is met, Botelho says that the price of BTC would be very close to the million dollars.
Final conclusions
In my opinion the price of Bitcoin in 2020 will seek to stabilise in the first quarter at around 10k, then look for major objectives, the first being the annual maximum of the 2019 13.5 k, and then challenge their historical maximum of 20k. In this last value, there will be an “epic battle” between bulls and bears. In case of breaking the psychological resistance of 20k, there may be a jump very strong until the 30k, which I don’t think that exceeds by 2020. This content should be taken only for informational purposes, as this is not investment advice, but rather a personal analysis. The following two tabs change content below. Analyst of financial markets, and passionate about new technologies, especially in the disruptive as the Blockchain.