There’s no doubt Bitcoin has been on a tear over the past 50 days. Since bottoming at $6,400 in the middle of December, the price of BTC has rocketed higher and higher, surging as high as $9,900 earlier today \u2014 inches shy of the key $10,000 price point.<\/p>\n
According to a number of analyses, however, the crypto market’s surge is not done yet, citing a confluence of technical factors that imply Bitcoin could appreciate to $20,000 in the coming months.<\/p>\n
Late last year, all crypto traders could talk about was the similarities between Bitcoin’s price action in 2019 and that seen in the larger cycle of 2017 to the end of 2018; both time periods had a parabolic run-up, a blow-off top, a fakeout that failed to restart the bull trend, and a descending triangle that broke lower to send prices falling.<\/p>\n
Popular crypto analyst Ambroid recently touched on this<\/a>, noting in a chart that Bitcoin’s price structure since November 2019 is eerily reminiscent of that of late-2018 to early-2019; both periods had a multi-week consolidation in a tight range, a strong breakout, a three-week consolidation, before another thrust higher.<\/p>\n $BTC<\/a> thoughts right now, structure looks too similar.https:\/\/t.co\/GIYXfCswrK<\/a><\/p>\n — Ambroid (@anambroid) February 8, 2020<\/a><\/p><\/blockquote>\n\n