Bitcoin Investment Expectations:
“Bitcoin is the new gold. Drop Gold, Buy Bitcoin.”
“Bitcoin is the ultimate power in the global crypto market.”
“Bitcoin has the potential to reach $1,00,000 by the end of 2020.”
“Bitcoin investment is a safe haven and is likely to make its way through mass adoption and be the future of the economy and get accepted as the global currency.”
These are a few statements that potential and current Bitcoin investors would have necessarily heard or taken into account at the time of investment or while deciding to do one. For once, those who have a stagnant belief in Bitcoin and its power, we should rightly see the statistics of the past 2 years, when the whole market was seen returning from 2017 Bull Run.
Bitcoin is exactly flat to two years ago today. pic.twitter.com/SYMswAOzZ0
— Ceteris Paribus (@ceterispar1bus) February 5, 2020
The above tweet rightly proves all the above expectations that a prospectus or a current investor may think of. Exactly two years back, Bitcoin was trading around $9,200 subject to volatility; today, we are still around the same price area.
Can we still rely on a belief that BTC price will cross $1,00,000 by the end of 2020?
The current movement of Bitcoin is indicating a breakthrough the 20-day upper Bollinger Band as we see an intraday hike of BTC price. At the time of writing, the coin was trading at $9,357.57 with utmost support from the daily moving averages.
Analyzing the hourly movement of BTC against USD, we see that the coin has formed a Head and Shoulder pattern over the past 10 days. This rightly predicts a bullish to bearish trend reversal formation in the upcoming days. At the immediate end of the Bitcoin price trend, we see a steep rise forming as it rises above $9,200 price area. The MACD of the coin is seen rising above zero as there happens to be an intraday rise with a bullish divergence above the signal line. The RSI of the coin is also forming a rising trend, moving away from the selling pressure as it is currently at 68.33.
However, if we look at daily, weekly, or monthly price analysis, we are not likely to really understand the cumulative gain or loss on investment of BTC. While looking at the collective data, we realize the other side of the coin aka the other point of thought attached to Bitcoin investment and its returns.