The current scenario of digital gold is not very satisfactory but some crypto enthusiasts are very optimistic for 2020. As the crypto analyst, Philip Swift predicted that the halving will boost up the price to nearly $13k. Similarly, PlanB also seems positive about the price value after the halving point.
Bitcoin is currently standing around $7,500 and stuck in this condition from a weak. On November 21, the trend line fell below the mark of $8k and now unable to pick up that position. However, it made a lot of attempts to cross the figure of $8k but every time failed.
Bitcoin will be at $13k in the start of 2020
Philip Swift made a claim on the basis of dozens of charts that we are near to the bull market. He adopted a stance that the start of 2020 will be a great start for the Bitcoin bullish market.
THREAD: $BTC: On-chain and market cycle update
TL:DR – Bull market is close!
— Philip Swift (@PositiveCrypto) December 5, 2019
He applied the moving average indicators such as 350-days and 50-days moving average respectively. By analyzing these indicators, he pinpoints the signal for a bullish trend that is coming.
According to him:
Combining all that with Golden Ratio Multiplier to look forward, likely we will have a big move up in Jan/Feb taking price up to the region of the 350 x 1.6 (green line), which will be approx $12-13k by then.
Halving is on Trend
The halving event further is strengthening the claim of price boost in the first half of 2020. As the data calculated by the Google Trends shows that there are more searches for the ‘bitcoin halving’ than general cryptocurrency searches which unveil the fact that people are really curious and interested in the bitcoin.
Another crypto analyst ‘PlanB’ has shared the chart with the statement the price will go in the upward direction after halving.
Getting some questions about why in previous halvings (November 2012 and July 2016) it took well over a year for the market to start surging..
Well, it didn't .. look for yourself: in the chart the halving is when blue turns to red: the market immediately rises after a halving🚀 pic.twitter.com/geL71dJOV7
— PlanB (@100trillionUSD) December 3, 2019
Bloomberg analyst, Mike McGlone, has also predicted that the bitcoin will soon cross the resistance level at $10,000 and 2020 will be a good year for Bitcoin.