What do traders say about Bitcoin's year-end price target?

On March 13, Bitcoin price reached a low of $ 3,850. Although it initially caused a breakdown below many support levels, the price immediately began to move up and move towards a monthly close above $ 6,000, signaling the possibility of further gains.

However, a move to the upside will take some time. Trader Dave the wave stated that the BTC price could consolidate for the rest of the year before the breakout and rise back to five digits.

Long-term movement

The assumption is that a low in March 2020 marks the same point in the current market cycle as the January 2015 low did before.

We outlined the two bottoms in the chart below, marked with black arrows:

Bitcoin expert at the end of the year 2

Using this chart, there are two main similarities between the two lows:

  • It lies between the Fib levels of 0.236-0.382 of the entire previous movement

  • It is very close to the curved ascending support line.

While at the end of March 2020, the price dropped significantly below this level but closed above it a bit. After the January 2015 bottom, prices consolidate for 273 days before increasing in speed.

If the same thing happens this time, the price will consolidate until the end of the year. However, due to the fact that the support line is increasing, the price is likely to be around $ 10,000 at the time.

Scope of transactions

Trader Tyler D. Coates shares the same opinion, and he believes that the consolidation will be quite optimistic for the future of BTC price volatility. He also outlined a potential range for prices for the rest of the year.

Movement within the range may come from the bottom we discussed in the previous section.

In the chart below, we have placed two bottoms side by side to show a sketched movement if the price works the same way as in 2015. Prices are expected to reach resistance levels in May and May. 9 and support lines in June and October, before breakout in December.

Bitcoin expert at the end of the year 3

In summary, the bottom of March 2020 has a lot of similarities with January 2015. If the movement is similar, the BTC price will consolidate / increase until the end of the year, before the breakout and speed up. increase.

You can see the price of Bitcoin here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


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