Bitcoin (BTC) Price Prediction: Expecting Any Surprises on January 1, 2020?

Price Predictions
Tue, 12/31/2019 - 14:59
Denys Serhiichuk
Analyzing the technical picture of Bitcoin at the beginning of 2020.
Cover image via www.tradingview.com

The last day of 2019 Bitcoin (BTC) is ending on a bearish note, as well as most of the other top 10 coins. Tezos(XTZ) is the exception to the rule as its rate has gone up by more than 3% in the last 24 hours.

Top 10 coins by Coinstats

Apart from the rates of the various cryptocurrencies, the total market capitalization has continued to decline and currently sits at $191.6 billion.

Total market capitalization

Below is the relevant data for Bitcoin and how it's looking at press time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $132,003,957,232

  • Price: $7,279.83

  • Volume (24H): $21,750,610,963

  • Change (24H): -1.24%

BTC/USD: Expected Drop on December 31

There is not much in terms of volatility, which usually happens around the holidays and directly affects the trading volume index. Currently, Bitcoin's level continues to trend downwards, and the overall volume totaling $9.2 billion.

BTC/USD chart by TradingView

Looking at the 4H chart, the largest cryptocurrency is stuck within a triangle pattern with the possibility of a downwards trend.

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This downward trend is supported by a decline in the trading volume and a failure to fix above the $7,500 level. In this particular case, the zone between $7,000-$7,100 looks like a possible stopping point.

BTC/USD chart by TradingView

Looking at the daily chart, the picture is even more bearish. The 50-Day and 100-Day Moving Average (MA) lines continue to trend downwards without any signs of a possible reversal pattern. Moreover, the 200-Day MA confirms the presence of sellers. To sum up, there is a high probability of seeing BTC go below $7,000 during the first month of 2020.

At press time, Bitcoin is trading at $7,215.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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