Bitcoin has been on a binge-watching spree irrespective of the intermittent price crash because of an increasing number of adopters and investors after 2017 ATH. Moreover, 2020 is the 3rd Bitcoin halving (3rd BTC Halving happened on May 11, 2020) year, which was another hype to persuade even the more investors with a view of maximum assumptions that BTC will ace after halving like 2012 and 2016.
However, not that the given assumption will not be accurate and many analysts already believe that by the end of this year or somewhere around 2021, Bitcoin is likely to give a fresh ATH and prove its power again.
BREAKING NEWS: Bloomberg predicts #Bitcoin will retest $20,000 and may even go as high as $28,000, before the end of 2020!
— The Moon (@TheMoonCarl) June 4, 2020
And, on the flip side, BTC has experienced 4th downturn in terms of mining difficulty in the ongoing year, and the one that happened in the recent past was the 2nd largest crash after the market fell apart in March and the king of cryptos had hit yearly low.
#Bitcoin mining difficulty just dropped -9.29%.
It is the fourth downwards adjustment this year and so far the second largest decrease in 2020.
Feb 25: -0.3%
March 26: -15.9%
May 20: -6%
June 4: -9.3%
— glassnode (@glassnode) June 4, 2020
Bitcoin, moreover, has been loved by many and prioritized over the traditional like stocks, Bonds, Mutual Funds, or ETFs. The reason is simply that the traditional assets couldn’t stand great support during the Pandemic when the entire asset class broke while BTC and other cryptocurrencies were exhibiting a bullish streak. “INVEST IN WHAT YOU LOVE,” happens to be the simple mantra.
People say “Do what you love.” It is also important to “INVEST In WHAT YOU LOVE.” I do not love, stocks, bonds, mutual funds or ETFs. If YOU LOVE THEM invest in them. I have loved real estate since I was 9, gold and silver since I was 25, today I luv Bitcoin. What do you love?
— therealkiyosaki (@theRealKiyosaki) June 4, 2020
Bitcoin Price Analysis
Bitcoin, at the time of writing, was trading at $9.7k and exhibiting an uptrend, holding grounded support from 50-day, 100-day, and 200-day MA, after the coin gradually rose from the recent crash. This time, slowly yet steadily, BTC is gaining an astounding impetus yet lesser than the alts against the US Dollar. Moreover, Bitcoin price is successfully consolidating towards breaching above 50.0% Fib after it crossed 38.20% Fib, yesterday.
Also, Bitcoin’s long-term price action is drawing a certain kind of pattern wherein there is an alternately happening bullish and bearish streak over the past one and half year now. Moreover, when looked into totality, BTC is giving mixed signals as it draws a downtrend projecting lower highs and the recent bullish pattern.
In the first bullish pattern that happened in the previous year was the mark of a “Bullish Engulfing,” after which the coin had hit the YTD high. Followed by the bearish price trend, the 20-day MA was supporting the price on the weekly chart just when the market crashed in September 2019. However, if a similar pattern continues, it will not be a surprise if the market and Bitcoin experience yet another crash sooner than ever.
But, with a steady support regained, we expect the coin to have moderately volatile yet bullish move and aligning to what the analysts say that Bitcoin is not away from hitting a new ATH.