The analyst who is hiding under Nick NexusHash remains bullshit in the context of the crypto courses themselves. He believes that Bitcoin will be heading towards ATH – $20,000.
At the very start, he sums up what has happened in the last months in general.
We had a retest of $7,200 in December where the accumulation zone was clearly visible. Elderly investors have cashing in their profits in the old tax year, and new ones have already started shopping for halving, which will take place on 25 May 2020. This resulted in a breakthrough in the levels of USD 10,000 again and the resistance of USD 10,500, which resulted from a two-year consolidation wedge.
Bitcoin: correction and new ATH
But what will happen in the future? We’ve seen recently – still a correction on BTC. Today we will pay about $8800 for 1 BTC.
In the following months, it expects a minor correction to USD 9,000 and a climb to the previous ATH, which is USD 20,000.
What about altcoins?
The remaining altcoins have begun to take over the dominance of bitcoin, reducing its market share from 67 percent to 62 percent. This trend should also continue, as other projects are increasingly being used in real life, such as in the DeFi industry or to build cross-chain platforms. The ones with the foundations of the strongest and large community in two months increased on average by 2.5 times. It is not an empty pump without any cover many of them have been working hard to develop their technologies and products for two years since the previous boom.
He also notes the foundations of the possible bull market. As can be seen, the value of deposits transferred to the Grayscale crypto fund in 2019 clearly outstripped those of previous years. The highest activity was recorded in the last three months of the year. A similar situation was observed on the OTC market and the Bakkt platform. This may mean only one thing – the hole is already behind us and everyone is cashing in for another Bitcoin to reach the expected USD 100,000.
Bitcoin during the crisis
NexusHash also wonders how the cryptoes will work during the crisis. However, he’s good thinking.
It is hard to say how exactly bitcoin will behave during the crisis of the world economy, which is slowing down noticeably. It often reacts very similarly to gold, which has the status of “store of value” and “safe haven” assets in difficult times. When tensions between Iran and the United States came to the forefront of the threat of a real war in January, bitcoin’s exchange rate went up by several hundred dollars. In the case of COVID-19 coronavirus, when the first fatalities occurred and the Chinese economy was weakened due to the quarantine of the population itself and the detention of some factories as well.
We are in a time of crisis, but we will come out of it. Time will show how everything will turn out. All we have to do is to be patient and watch everything around us.