The granddaddy of all cryptocurrencies – Bitcoin (BTC) is under some strong investor scrutiny at the moment. Despite a rise of 1.34% at the time of writing, there really hasn’t been any substantial movement from Bitcoin (BTC) over the last few days. The $10,000 – $11,000 mark seems to be the level that it struggles to pass.
Following the big Bitcoin dump at the weekend, the digital currency has remained frustratingly flat at around the $9,500 mark. Since Sunday, Bitcoin (BTC) has not been able to rise above the $9,700 mark. There simply isn’t the momentum in the crypto markets as it appears both the bulls and bears are taking a break.
Mixed Signals?
So, what is next for Bitcoin? well, signal providers such as www.onwardbtc.com, exchanges, and analysts are offering differing viewpoints. Bitcoin is trading on the 50-hour moving average, but below the four hour chart. It, therefore, needs to return to resistance at $9,800. Meanwhile, the 50-day moving average is at $10,400 which should offer the next level of resistance.
There are concerns that since peaking at $13,780, the Bitcoin indicators have switched from green to red and the momentum is on the downside. At present, the general consensus amongst crypto analysts is that Bitcoin will in fact correct itself to the $8,500 – $8,000 levels, possibly entering a lengthy period of consolidation before starting a new parabolic rally which should see the cryptocurrency reach the giddy heights of between $20,000 to $30,000 as the Bitcoin halving gets closer and closer
An important factor to consider is the ongoing discussion in Washington DC, about the regulation of the crypto markets. Should the crypto markets gain the regulated seal of approval, there is every chance we could see BTC hit new record highs by 2020. The impact of Facebook’s Libra coin should not be underestimated either. The validation given to the crypto world by Facebook’s Libra coin launch was cited as a major cause for the massive spike in crypto this year. Libra is still happening and combine that with a favourable view from US regulators and record highs in 2020 is a real possibility.
