Although it was Ethereum that has been the talk of the crypto trading town for the last couple of days and everyone is predicting that altcoins are about to have their moment, we still want to discuss Bitcoin and the direction its price is going. To be precise, it is barely moving these days, so we are all curious when it is going to start showing any signs of life.
Last time we checked, the biggest price fluctuations of the summer were caused by all the hype around Libra coin. And once the fuss around it settled, so did the price of Bitcoin. During the first half of September 2019, Bitcoin was hovering around $10,000 as opposed to the recent $12,600 and hasn’t been able to make it higher than $10,500.
The big question is what to expect.
Alt season is one option, but what if the Bitcoin price surprises us once again? Are there any signs that Bitcoin is soon going to explode to $16,000 this month or in early October?
Now, who are the better experts in price predictions and making money across the cryptocurrency space than traders themselves?
What Traders Think
One of CryptoTwitter’s well-regarded analysts and trader @Crypto_Rand is sure that Bitcoin’s falling wedge is breaking out now, and it’s only a matter of time before the main resistance.
Famous for his just price predictions in the past, Crypto Rand also believes in the great power of Bitcoin hodling, saying that:
“Holding #Bitcoin has been profitable for 3746 days out of 3860 days since creation (97.05%).”
Another Bitcoin trader, @cryptoSqueeze, is also getting bored with the recent Bitcoin range. In the current situation, his strategy is to watch the trendline resistance and horizontal support. This trader hasn’t been the biggest supporter of altcoins this year (but then again, who has?) and he is questioning if the upcoming launch of Bakkt is going to catalyze another pump. Or dump.
Bitcoin trader @mBTCPizpie has his own idea on Bitcoin price volatility. He assumes that it’s just nearing the lows of November ’18 and April ’19. He is quite positive in his predictions and thinks that there will be ‘a massive expansion (25%+ move) within the next 45 days.’
What Experts Think
At the recent Bitcoin conference in Riga, a crypto hedge fund manager Murad Mahmudov made an interesting observation and disclosed his price predictions. He said that they have noticed “large bitcoin holders aren’t selling or aren’t moving their coins in the last couple of months.”
Is this the main reason behind the recent ‘boring’ behavior of the Bitcoin price?
Murad Mahmudov admits that price may go up and down in the short term, but he remains very bullish in the medium term. In an interview to Decrypt, he noticed that Bitcoin’s future price depends heavily on large capital holders and they may be already considering betting on Bitcoin.
One of the most optimistic Bitcoin predictors, and a co-founder of China’s largest cryptocurrency exchange, Bobby Lee, is positive that the price of the coin will keep on going up, following its cycles, and he’s sure that many more cycles are yet to come.
“I’m quite confident sitting on my bitcoin investment that in a very short amount of time we’ll exceed $20,000 and go to $50,000, $100,000, even $200,000.”
One may assume Mr. Lee’s forecast is not realistic enough, but this time he is careful with his price prediction, mentioning that he doesn’t mean Bitcoin’s price is going to change in a matter of minutes, more like months or even years.
From individuals to research companies: a cryptocurrency-focused Digital Asset Research recently published its own Bitcoin price predictions. Their prediction model runs around scarcity (the number of bitcoins yet to be mined). The company concluded that Bitcoin’s price could go up to $60,595 in May 2020.
The Bottom Line
If you think that Bitcoin or any other cryptocurrency yield to technical analysis, we’re about to disappoint you. However, that doesn’t mean you should abandon the idea of investing in Bitcoin, which also means that you just have to dedicate more time and effort to every deal.
With all the new investors that are coming onto the market and a bunch of important crypto-related events that are likely to happen in 2020, the future looks bright for Bitcoin. Many traders and experts are confident about the bullish trend and new price heights.
All the blog content is for informational purposes only. We do not provide any financial, legal, or any other type of advice. Lumi Wallet strongly recommends you to do your own research and analyze the risks before engaging in any cryptocurrency investing or trading activities. Keep in mind, that Bitcoin and other cryptocurrencies are highly volatile and any past performance of these assets does not guarantee returns.