As we enter 2020, there have been no new developments regarding the price of Bitcoin. The price is still holding over $7K with no bears in sight. In the past few days, the leading cryptocurrency was rejected near the $7,300 mark on a few occasions keeping the bear market alive. There’s a declining channel forming with resistance at $7,180 at the moment, but, as experts have predicted, Bitcoin is highly vulnerable below $7K.
Although it’s still too early to tell how good or bad will 2020 be for Bitcoin, the signs aren’t exactly encouraging. If there’s a clear break below $7K, BTC could be in for a heavy decline.
No Bulls in Sight
Bulls have been trying to break the bear market for months now with many optimistic that things will liven up right after New Year. That, however, has failed to materialize until now. In the last few days, bulls failed to gain traction above $7,320 and there were more than a few attempts to rise over $7,300. Ultimately, Bitcoin never settled over $7,260.
Bears are once again likely to gain momentum below $7,080 which is expected to happen pretty soon. The next price target is likely around $7,000 with intermediate support around $7,040. The bearish market has been unbeatable for months now and the same trend will likely continue at the start of 2020. The bad news is that the $7K target isn’t that far off. Experts are adamant that if the line breaks, Bitcoin could suffer major losses below the $6,800 support area.
If there is to be a positive move upward, bulls should break the $7,300 barrier first. The $7,500 resistance is the first step toward a positive incline, although it seems like a distant possibility right now. Bitcoin is clearly struggling at the moment just like it struggled throughout the second part of 2019. The hourly MACD is in favor of bears with the RSI for BTC/USD well below the 40 level. To be honest, all technical indicators don’t really promise anything good. Bitcoin needs a miracle before it goes under $7K and it needs it now.
ZenGo CEO Sarcastically Expects Bitcoin to Crash Below $1K
Ouriel Ohayon, founder of the ZenGo wallet, has jokingly tweeted that he believes Bitcoin will crush to sub-$1,000 in 2020. That was only a part of his 2020 predictions tweet, although it’s supposed to be taken with a pinch of salt as he later tweeted “Joke mode off”.
No matter the joke, 2020 could prove to be a decisive year for Bitcoin. With the halving to take place around May, the leading cryptocurrency will either soar to new heights or crash down to Earth. Some believe that the upcoming halving is the savior BTC needs, while others aren’t sure that it’ll have an impact on the price at all.
It’ll surely be an interesting year for Bitcoin and altcoins as well, who are right now suffering massive losses due to Bitcoin’s declining price.