Just a few thoughts on where the price of BTC may be going over the next 6-12 months...
2019 saw quite a run up from 3200 to nearly 14000 without any major news event or media coverage to entice masses of retail investors to carry BTC to new highs like what happened in 2017, so what did...? no one can really be sure, and with the price stalling and tightening in this range with out mass media hype or major news/adoption coming down the pipe, the immediate future does not look fantastic to me. Personally I'm not a huge believer in the impact of BAKKT as a price catalyst and even though interest is growing in bitcoin as a technology it is still a ways off from being really that useful on a mass scale HOWEVER i do remain bullish in the long term, and that BTC can reach new highs in 2020.
This is my idea on how things may play out, I think we are another week or so of ranging within the "pennant" with a break out upwards where the price will rally to the weekly resistance of around 11500, before profit taking occurs and changes market sentiment. Then I think the price revisits support area of 7500 which was basically the only resistance point of the 2017 run up.
The major upcoming price catalyst for me is the halving happening around May 2020, which could kickstart another rally to ATHs, although with that being said it didn't do too much good for LTC recently so I am cautious
2019 saw quite a run up from 3200 to nearly 14000 without any major news event or media coverage to entice masses of retail investors to carry BTC to new highs like what happened in 2017, so what did...? no one can really be sure, and with the price stalling and tightening in this range with out mass media hype or major news/adoption coming down the pipe, the immediate future does not look fantastic to me. Personally I'm not a huge believer in the impact of BAKKT as a price catalyst and even though interest is growing in bitcoin as a technology it is still a ways off from being really that useful on a mass scale HOWEVER i do remain bullish in the long term, and that BTC can reach new highs in 2020.
This is my idea on how things may play out, I think we are another week or so of ranging within the "pennant" with a break out upwards where the price will rally to the weekly resistance of around 11500, before profit taking occurs and changes market sentiment. Then I think the price revisits support area of 7500 which was basically the only resistance point of the 2017 run up.
The major upcoming price catalyst for me is the halving happening around May 2020, which could kickstart another rally to ATHs, although with that being said it didn't do too much good for LTC recently so I am cautious