- Bitcoin price action has been quite boring, off lately.
- An avid trader believes that change will come once the calendar turns off
- Other trade analysts agree that 2020 will be the year of Bitcoin.
Even after the savage pump and dump on Wednesday, the price action of Bitcoin has been quite boring in the past few weeks. After October, the top cryptocurrency of the world has nearly lost around 30% of its value. The slow red candles have literally frustrated the bulls and the bears.
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And, the same story prevails for the other cryptocurrencies. However only a few handfuls of gems have been able to hold up, but the major lot has disappointed. After being strong in the first 6 months of 2019, LiteCoin and Ethereum have submitted to profit taking.
But, a highly followed trader by the name Bitcoin Macro expresses that 2020 will not be the same. It will be a changing year for those trading in Bitcoin.
According to Bitcoin Macro, Life changing profits will take place in the year 2020.
2019 has been quite a tough year for the holders. Though in the early months, the coin showed amazing strength as it rose from $3000 to $14000. Unluckily, the bulls couldn’t resist the bears and succumbed to the fall.
However, Bitcoin didn’t fell alone. The number one cryptocurrency took almost all the altcoins down along with it.
As per Bitcoin Macro, the accumulation time is about to end this year and the crypto will finally rise! And, when it will, millions of lives will be changed.
Other trade analysts agree that crypto will perform well in the coming year
The other prominent traders like Crypto Twitter have same feelings. Some traders are bullish about Bitcoin and they thoroughly believe that the number one cryptocurrency will soon go for a bull run in 2020.
According to Elliottican Benjamin Blunts, Bitcoin will at last bottom out in the coming year. Nick Hellman, LearnCrypto.io vice-president agrees with Blunts sentiments. The trade analyst witnesses Bitcoin plunging to as low as $6000 first before going to the new high in the year 2020. He also quoted “Scott Melker also known as The Wolf of All Streets, also envisions that bulls will control 2020. But the analyst doesn’t share the positivity and energy of Nick Hellman.
Altcoins may follow Bitcoin
In the world of cryptocurrency, Bitcoin is the tide that carries the altcoins along with it. The altcoins go where the number one crypto flows. So, if in 2020, Bitcoin gets bullish, then ETH and LTC will also follow.
The chart of coins like Ethereum, Litecoin, Ripple, Binance Coin, Bitcoin Cash, EOS as well as BSV showcase a Spearman score somewhere between 0.6 and 0.8. In simple words, they have strong positive relation with the number one cryptocurrency. It suggests that the momentum of Bitcoin is likely to dictate the trend of the other altcoins too.
So, if Macro’s prediction of Bitcoin is right, then 2020 is surely going to be a mind-blowing year for all cryptocurrencies.
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