Bitcoin starts this week with a positive movement. At the press time, the cryptocurrency is trading at the level of $ 8,245, which is equivalent to a daily growth of 3.21%. All assets on the TOP-10 table of CoinMarketCap are growing in value. The exception is the Tether stablecoin.
Note that BTC has been trading in the flat for an extended period of time. It was preceded by a drop, caused, according to a number of participants in the crypto community, unfulfilled expectations from the launch of the Bakkt crypto platform.
From the point of view of technical analysis, a long-term flat is considered as a period for Bitcoin to accumulate power to enter the active movement. Against the background of the uncertainty about the direction of the further course of BTC, users continue to analyze the current position of the cryptocurrency.
Participants of the crypto community drew attention to the presence of divergence. A similar situation, in the case of a downward movement of BTC price, indicates a possibility for growth. The expected outcome is indicated on the chart:
Patiently waiting for something like this. pic.twitter.com/DlgGmcXcfy
— Galaxy (@galaxyBTC) October 20, 2019
At the same time, many users agreed with the forecast, according to which BTC will be able to reach the level of $ 16,000 in a few days.
The assumption is based on a prediction of the further movement of the asset rate, published by a pseudonymous member of the crypto community under the name ‘Anonymous’.
Previously, the user has repeatedly managed to correctly predict the behavior of the exchange rate of Bitcoin, making many feel like his forecast may be right.
At the same time, it seems very difficult to make the rise from 8,000 to 16,000. For this, the Bitcoin price needs to double. Do not forget there are only 10 days left to the end of October.
October 2019 – BTC ~ $16,000 pic.twitter.com/WNDgpdrk12
— ezbrah (@ezbrah_) October 20, 2019
Anonymous said according to the 2years chart of Bitcoin, December 15, 2018 represent the bottom. He averred that despite the pullback, he can affirm that we are already in the bull market, and the last 3 months only represents the accumulation stage of the cycle.
Increase in Mined BTC is Another Attestation to Bull
A gradual increase in the number of mined BTC is an indication in favor of the Bitcoin price increase. Trader and analyst Alex Krueger compared the charts of the most capitalized cryptocurrencies with gold, based on their available per capita volume.
Bitcoin per capita vs Gold per capita projections through year 2100. pic.twitter.com/1CeuROYEvb
— Alex Krüger (@krugermacro) October 20, 2019
Against the background of the forecasts, the crypto analyst under the nickname CryptoWelson, drew the attention of users to a significant increase in the rate of BTC over the past decade.
“Ten years ago today, 5,050 BTC were sold for $5.02 in the first market transaction for Bitcoin. Today, they’d be worth $42,171,792.50. A rise of 838,078,685%,” the analyst posts in his microblog.
Therefore, we can only imagine where crypto will be in another decade.