Bitcoin noted more than 40% gains since 1 January 2020 and looking unstoppable. Today Bitcoin made a yearly high of $10,500 and it seems like it gets some resistance, the bitcoin price is dumped very hard from the $10,500 and there was a lot of selling happens.
The total crypto market crossed the $300 billion milestones. The total market has gained more than 65% since the starting of 2020, increased from $218.4 billion to $303.1 billion.
The above is the chart of the crypto total market cap. The above chart is very bullish, the downtrend line is broken and the market sees a good reversal. The daily 50 MA is crossing the daily 200 MA in upward direction which is known as the Golden Cross (one of the most bullish events).
The last Golden cross happened in April 2019 and the total market cap gained more than 150% in the next 3 months. The bitcoin price touched the $14,000 during that bull run. We may see the same results in the next 6 months.
Bitcoin Price Prediction- Holding $10k is Important
Bitcoin’s price is now trading around $10,200 and highly volatile today. The $10,000 mark is must hold point for Bitcoin to grow further if the bulls are unable to hold the $10,000 psychological support the market sentiments may become bearish and a possible dump will happen.
Bulls are in total control in 2020 and continue to push the price higher. The breaking of $10,000 will bring new investors and trader in the Bitcoin market. Bitcoin technical charts are looking very good and the Golden cross will happen soon.
Bitcoin is now trading in an uptrend and is above the 50 and 200 daily MA (Moving Average). You can see in the chart the death cross (when 50 MA crossed 200 MA in downwards direction) happened in March 2018 and the cryptocurrency remains in bear market for the next 1 year.
Bitcoin made a low of $3100 before making a reversal. The Golden cross of Bitcoin happened in April 2019 when the price of Bitcoin was $5000 and after just few months the price of Bitcoin made a high of $14,000 in June 2019.
After this Bitcoin again goes in a small bear market and the death cross happened in October 2019. The bear market just remains for couple of months before Bitcoin starts its bull run. Now you can see in the chart the Golden cross will happen in the next 10 days (around 20-25 February 2020).
The most awaited event of 2020 Bitcoin halving will happen around 10 May 2020. Bitcoin halving is one of the most bullish events of Bitcoin. The reward per block halves after every halving and makes the currency (BTC) more scarce.
What is Bitcoin Halving?
If Bulls are able to hold the $10,000 point the market will again try to break the $10,500 resistance zone and will open the gates for $11,000 and $11,500 zones. Bitcoin will see some heavy resistance at $11,500 zones as the 0.236 fib levels are there and traders are looking for a short opportunity. The fundamentals of Bitcoin are strong that will help in a breakout and the price may retest the previous high of $14,000.
If Bulls are unable to hold the $10,000 point then the market will test the $9500-$9600 support levels. These levels are a must hold to remain bullish otherwise the cryptocurrency will some quick sell off to $9000 and test the 200 daily MA.
There may be a small dump possible near the halving. The halving is now only 88 days far. Everyone is waiting for the Bitcoin halving and we may see a sell off near it. This is our Bitcoin price prediction.
Meanwhile, the Bitcoin dominance continues to drop since the beginning of the year 2020. The Bitcoin dominance dropped from 68% to 63% and many altcoins have gained more than 100% of their value in the past one month.