The latest Bitcoin and altcoin news and rumors show a lot of things except for clear predictions on the future price of coins. This is mostly because of the fact that no one knows the exact trajectory after the latest bullish run which has put the total market cap near the $250 billion levels. What we know so far is that this month decides the near-term future of cryptocurrencies and whether BTC will enter a full-blown parabolic rally or not.
Technically speaking, BTC is still in a bearish trend which has not moved ever since it lost the $13,000 mark in 2019, to fall to $5,000 levels months after that. For six consecutive months, the BTC price recorded lower lows which indicated that a steep downward trend was there for an extended period of time.
However, this is 2020 and the year has begun nicely for Bitcoin – and that is why many say that this month decides what will the future of crypto prices be in 2020. There are obviously fears that the recent upsurge is merely a relief rally following half a year of downtrend. If this is the case, the Bitcoin bear market can continue throughout 2020.
However, the key level which will decide whether Bitcoin (BTC) at last breaks out of a bearish trend is the $9,153 level. If this level is to be passed soon, the Bitcoin news updates can finally show us that the most dominant coin is serious about getting back to the all-time highs.
The top cryptocurrency analyst DonAlt agrees with this. As he explained in a recent tweet:
“If this is a bear market rally, it ends this month. If it’s a bull market rally you better be positioned. The monthly close is gonna be fun to observe, it’s either gonna be shattered bear or bull dreams.”
If this is a bear market rally, it ends this month.
If it's a bull market rally you better be positioned.The monthly close is gonna be fun to observe, it's either gonna be shattered bear or bull dreams. pic.twitter.com/cYHyuYeyUs
— DonAlt (@CryptoDonAlt) January 18, 2020
The BTC price is up by 23% this month with less than 18 days. Therefore, a clean break over $9,153 would mean that it will end the month with 27% price gains. Even if it moves to test higher levels like $9,900 in the short-term, maintaining that momentum to lead a monthly close over a major resistance level is difficult.
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