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For about a month already, the flagship cryptocurrency has been trading sideways, moving slightly down sometimes and then back up but holding between the levels of $7,100 and $7,400 for the last week. At press time, Bitcoin is changing hands at $7,276, as per the figures from CoinMarketCap.
Besides, as 2019 is drawing to a close, one of the top crypto exchanges – BitMEX – and its research team offer their forecast for the Bitcoin price for next year.
‘The long term trend is still intact’
The analyst @CryptoMichNL has posted a BTC chart that shows the way BTC price has come since the start of the rising trend back in 2016. Sharing details and speaking of the Golden pocket ratio of 0.618-0.65 Fib, he points out that the long term bullish trend continues.
Market cycles often have similar ways of behaving.
The last parabolic move in January 2016 bottomed out at the;
▫️ Golden pocket ratio 0.618-0.65 Fib.
Similar now, higher timeframe still holding there.
And the long term trend is still in tact. pic.twitter.com/CnAJsZJ09A
— Crypto Michaël (@CryptoMichNL) December 24, 2019
Image via TradingView
BTC trading sideways on Christmas
Bitcoin has been trading flat since about November 25, first peaking at the $7,335 mark on December 19 and then hitting a maximum of $7,614 on December 23 over the last week. Now it is back to $7,276, the CoinMarketCap statistics says.
The crypto trader ‘Rampage’ is making grim jokes, suggesting that someone in the community has asked Santa Clause for BTC trading this way.
Which one of you grinches asked Santa for sidecorn?
— Rampage (@Thrillmex) December 25, 2019
BitMEX research team’s BTC forecast
The research team of a major crypto exchange BitMEX gives a blurry forecast regarding the BTC price. It believes that in 2020, Bitcoin will not drop lower than $2,000. The price will stay under the $15,000 mark, the team says.
They also touched upon the Bitcoin market dominance and cited the self-assumed Satoshi Nakamoto Craig Wright who says that in 2021 China will shut down all Bitcoin mining operations in the country.
– $BTC over $2,000, but also under $15,000
– $BTC dominance under 75%, but also over 30%
– CSW says: 2021 is year the Chinese shutdown BTC mining & 1m of his coins hit the market (Whatever else)
– #MATIC falls in value by over 80% @NemanjaMatic
Happy New Year
— BitMEX Research (@BitMEXResearch) December 24, 2019