Long Term Bullish Trend Still Intact, Analyst Says

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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.

Despite the lack of any price surges towards the $7,800 area that several analysts on crypto Twitter have been expecting, the long-term bullish trend continues, one of them states.

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.

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.

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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.

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