A couple of days ago, the price of Bitcoin failed to go past the $10,500 and now is heading for $10,000. Mining difficulty is rising, Bakkt is soon set to launch and huge amounts of Bitcoin is being moved around. Which way is Bitcoin heading?
Many industry experts are now speculating on Bitcoin price as the top cryptocurrency has been trading sideways for quite a while after climbing more than 200% this year. The huge price increase from $3,300 to $13,000 has left everyone wondering – which way Bitcoin is heading now?
It seems like everyone is waiting for something to happen, but nothing is happening. Just recently, experts claimed that Bitcoin failed to go past one of the essential resistance points at $10,500 and now could be testing the support line at $10,000.
However, many of the experts rush to compare past price movements to the present ones. For example, comparing the previous bear market in 2014 to the one we had now on a weekly chart. It shows almost identical charts, and it indicates that Bitcoin could be up for a run to $20,000.
However, we also have opposite opinion on this. A Twitter user @BigChonis who also is a crypto trader, shared some of his ideas on where the price of Bitcoin could go. He also believes that Bitcoin is in front of a massive move, yet not an upwards one. @BigChonis recalls the similarities in charts when comparing 2018 and present EMA 12/26 daily charts. They both look quite identical, and unfortunately, if correct, this could bring BTC way below the $10,000 mark.