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Why Bitcoin Price Can Reach $29,000 Target by 2020: Three Reasons

  • Yuri Molchan
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    If BTC moves higher than $7,700 level this week, Bitcoin price may get a momentum

Why Bitcoin Price Can Reach $29,000 Target by 2020: Three Reasons

Due to the bearish sentiment that has been dominating the market since the start of the year, all crypto community closely watches the BTC rate, since to a great degree, the prices of all altcoins depend on it.

Jon Cotton, chief strategist at BCB Group, a cryptocurrency prime brokerage, agrees with the optimists who promise that in two years Bitcoin will rise in price and even bet their own manhood on it.

The man’s forecast is that by 2020 BTC may well reach the high of almost $30,000 with the possibility of coming to a low of $5,000 in September 2018.

Anyway, that would be a good entry point for investors.

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The layout

Thursday Bitcoin broke through its 50-week moving average (MA)– an event which has not happened since 2014. Therefore, it seems that the chart patterns of that year are going to repeat themselves in a slightly bigger way.

Here is what Cotton thinks about the future BTC market development.

  1. The 50 MA passed just below the 200 MA at the start of April 2018. That seemed like a typical bearish move. The analysis of the same signals on BTC back in 2014 and on the rates of traded precious metals, shares of the leading companies and market indexes brought a thought of possible BTC lows of $3,500-$4,000 later in 2018.
    Besides, Bitcoin has taken the support level from its 50-week MA for the first time since 2014. Unless BTC succeeds in reaching $7,700 quickly, thus regaining its 50-week levels, then the chances of it taking this level later remain.
  2. Based on the analysis of data since 2013, it is possible to conclude that the real average of the cryptocurrency has grown for the past five years.
  3. Providing that the current BTC price scenario keeps following its footsteps of 2014, the chances are that the asset will resume its long-term upward trend in Q3 2018. In this case, the rate of $19,000-$29,000 in January 2020 is highly possible.
    However, if BTC moves higher than the support at the $7,700 level this week, it could mean that Bitcoin will just keep moving upwards at a higher pace. All in all, if we add some bearish elements to the above-mentioned scenario, it’ll look more realistic.

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Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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