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Even though the Bitcoin price has plunged to a seven month low today, it has all happened before and a recovery has followed as it will again.
There are several bullish factors building up that will cause a Bitcoin (BTC) trend reversal next year.
This time last year the BTC price had dumped to $3,700 and markets were in the depths of Crypto winter.
Here we are a year later with a 10% dump on the week to $6,600 as we approach the holiday season.
There may be more pain before any gains but a recovery will happen in 2020 and industry insiders are confident.
One Crypto analyst shared on Crypto Twitter:
“For those who are worried, remember this: Markets are simply about inflows and outflows. When:
- The halving cuts new daily issued bitcoin in half
- PlusToken finishes selling its bitcoin & ether
- More institutional on-ramps become available
Bitcoin will reverse and quickly”
In other Crypto news today, this (BTC) Bitcoin metric could trigger the next Bitcoin bull run.
There are a number of varying metrics that Bitcoin analysts use to predict future price movements of the asset.
One rarely used oscillator takes BTC energy value into account and it is flashing bullish at the moment.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
For those who are worried, remember this:Markets are simply about inflows and outflows. When:✔️ The halving cuts new daily issued bitcoin in half✔️ PlusToken finishes selling its bitcoin & ether✔️ More institutional on-ramps become available
Bitcoin will reverse and quickly
— Nicholas Merten (@Nicholas_Merten) December 17, 2019
Energy Value Oscillator.Bitcoin’s price as a percentage of its Energy Value.2019 looks VERY similar to the starting characteristics of prior bull runs.
Just need to see that uptick in Hash Rates 🚀 pic.twitter.com/zd82aHMlXt
— Charles Edwards (@caprioleio) December 17, 2019
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
Things I expect to happen over the next 4-5 months due to the impending Bitcoin halving:– BTC shorts close out– People re-accumulate BTC if they had sold– Miners start to hoard (e.g. borrow USD against assets)– Under performing altcoins sold for BTC
– Bulls lever up
— Alistair Milne (@alistairmilne) December 16, 2019
https://bitcoinist.com/next-bitcoin-bull-market-could-be-triggered-by-this-metric/