There have been no major Bitcoin price developments since last week. The market is still moving sideways with bears dominating the price for months now. Experts are still waiting on the bulls to move the needle in the opposite direction, but apart from a few flashes, bulls have been dormant so far. We’re still waiting on a Bitcoin big-bang that experts have been suggesting recently, yet there’s nothing on the horizon.
If the current trend continues and history has taught us anything, however, we might be in for an imminent big move.
Current State of the Market
At the moment, Bitcoin trades for $7,200 a touch down from the $7.5K last Friday. Bitcoin finished last week strong, but things haven’t been going well since then. After breaking most support levels in November, the leading cryptocurrency was in free fall until it consolidated late last week at around $7,500. The good news is that it didn’t go below $7K. The bad news is that there’s no word on a long-term bull market.
A short-term bearish trend has been“plaguing” Bitcoin for months now. After the bull market that took BTC to $14,000 earlier this year, the price has been on the decline, hitting new lows each month. The value has been dropping faster than expected leaving the market in tatters and traders in ruins. Many experts believe that we haven’t seen the last of price drops. If the $7K support goes down, Bitcoin is widely expected to stabilize at around the $5,500 mark, which some crypto traders have seen as a golden cross considering the fact that the 50-day MA has surpassed the 100-day MA. Many traders don’t want to capitulate and expect great price returns with the Bitcoin halving scheduled for May 2020.
Still, experts are adamant that Bitcoin needs to get out of the bearish market in order for the price to grow. Unless bulls regain control, further price drops are widely expected.
Big Move on the Cards?
The good news in these trying times for Bitcoin price is that more and more countries are legalizing crypto assets and enabling its citizens to use Bitcoin for payments. As Bitcoin shoots for the mainstream its volatility should decline and with it, the price should be on the rise. Bloomberg’s experts fully believe that it’s a matter of time before Bitcoin moves back up to $10,000, with 2020 projections putting the leading cryptocurrency in hte $6,000 to $12,000 range.
Of course, many pin their hopes on the upcoming halvening which has divided crypto experts so far. Some believe it won’t move the needle at all while others see it as a savior that will help bulls re-enter the market. We think that Bitcoin will find its true value in the long-term especially now when it’s being adopted by new markets and traditional markets show signs of weaknesses. There’s no question that the future belongs to cryptocurrencies – we just need to be patient with Bitcoin’s price.