The year is starting off bullish in the BTC market as the top crypto crossed over the $10,000 psychological mark on Monday to trade at $10,160 USD on major exchanges. The sudden spike in price from sub- $10K levels, formed a bullish technical indicator on the weekly charts that saw the price double last time it formed in Aril 2019.
Could the price of BTC be headed to $20,000 this time too?
BTC/USD spikes past $10,200 USD as golden cross forms
It has been a glorious opening of the year and it looks set to be better in the coming weeks as a golden cross forms on the weekly charts of BTC. The pattern is a key bullish indicator that has correctly predicted BTC’s 2019 boost to $13,800 USD from $4,000 USD, which represents a 240% increase at the height of the boom.
Golden Cross en el Bitcoin.
Otra senal alcista desde los technicals.
Ya mencione desde los fundamentals al hash este y al halving que operara en mayo (se da cada 4 anos). #bitcoin $BTC pic.twitter.com/8lk2SDfL9n
— Gustavo Neffa (@gneffa) February 19, 2020
Despite growing less and less consequential, the weekly MA golden cross gives a signal of an upcoming market in the coming weeks if “buy” trading volumes see set on a spike. Furthermore, the natural supply cut on BTC’s protocol is on schedule to occur in May further increasing demand for BTC in the coming weeks.
How high can BTC soar against the dollar in 2020?
The long term technical indicators on BTC/USD weekly charts signals a bullish trend on the pioneer coin in the near future as price test the resistance provided by the upper Bollinger band. The relative strength index is also in the buying zone, oscillating in a bullish trajectory at 61.
Looking at the golden crosses that triggered BTC’s rallies in the past, whereby the price grew by 20,500%, 6,750%, and 250% respectively, a full confirmation of the pattern may set the price ablaze past all-time highs at $20,000 USD, with some analysts predicting a $26,000 top by the end of 2020.
