• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin, cryptocurrency, coronavirus
Nexo Logo

Bitcoin Could Hit $20,000 Even as Coronavirus Crushes Global Markets

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Bitcoin believers waited for a global economic crisis for years, hoping it would prompt investors to inject hundreds of billions of dollars into the cryptocurrency’s small, illiquid market. But the narrative failed big time as bitcoin came face to face with a real market-crisis-in-making, led by the Coronavirus pandemic.

The bitcoin-to-dollar exchange rate fell by more than 66 percent in just 28 days, hit by a global sell-off that crashed stocks, gold, silver, all in tandem. Professional investors sold part of their portfolios to meet their shareholders’ redemptions. Individuals got out to protect their retirement savings from steep declines. And some just left because they saw no hope for a market revival.

But then, the market – especially that of bitcoin – has not lost everything.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bye Bye, Weak Traders

Fundamentally, its crash from $10,000 to $3,900 has wiped out weak hands. Investors with higher risk appetite are still holding onto their tokens or buying it cheaper, according to data provided by HODL Waves. It shows that around 40 percent of the cryptocurrency has not left wallets in the past two years.

bitcoin, cryptocurrency
Bitcoin holders data against price | Source: CoinMetrics

Bloqport, a crypto data analytics firm, drew a similar conclusion, highlighting that bitcoin’s price halving didn’t deter long-term investors from holding it. On the contrary, the plunge attracted them to buy bitcoin at cheaper rates.

“Despite a ~50% drop, most Bitcoin addresses remain untouched,” Bloqport tweeted. This implies that those who bought simply to trade or for short-term profit have been squeezed out. Those remaining are long-term believers with high time preferences. This is incredibly bullish.”

Long-term Technicals Hint Rally

As Coronavirus fails to shakedown ‘HODLING’ sentiment, bitcoin has recovered by more than 40 percent following its steep decline to $3,858. Many could ignore it as a dead cat bounce scenario. But a long-term outlook shows that bitcoin has bounced back after testing a significant support level.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
bitcoin, cryptocurrency, coronavirus
BTC/USD tests Symmetrical Triangle support | Source: TradingView.com

So it appears, bitcoin is trending inside a giant Symmetrical Triangle since late 2017, confirmed by a series of sequential troughs and peaks forming two trendlines that converge at a roughly equal slope. The height of the Triangle is about $18,000.

Bitcoin is testing the Triangle Support (lower trendline) for a pullback, which means it has the potential of bouncing back towards the Triangle Resistance (upper trendline). The price could keep consolidating within the Triangle range for the remainder of 2020, albeit staying below $6,000.

But a breakout above the Resistance could lead bitcoin up by at least $18,000 in the medium-term, according to the textbook definition of Symmetrical Triangles. Such a move could push the cryptocurrency beyond its all-time high of $20,000.

The upside target could receive further support once the Coronavirus pandemic settles for good (the vaccine is 12-14 months away). Bitcoin will then be competing with an oversupplied fiat market, waiting for a great big push to the north.

When in doubt, zoom out!

Tags: bitcoincoronaviruscryptocurrency
Tweet123Share666ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Bitcoin

Can This Bitcoin Ratio Have Hints For A Bottom?

17 hours ago
bitcoin

Why Bitcoin Could Return To $28,000, But By The End Of 2022

2 days ago
$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

2 days ago
bitcoin bear

New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

2 days ago
Bitcoin

Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry

2 days ago
Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

A LPL-like tournament in the GameFi circle, offering 500K USD in total prize: DracooMaster Champion Series 2022 unveiled

July 3, 2022

GRN (G) Gets Listed On XT.com

July 3, 2022

Fitmint Raises $1.6 Million to Power Up Move-to-Earn Revolution

July 3, 2022

Three Meme Tokens Making Big Strides This Year: Big Eyes (BIG), GM Wagmi (GM), and Dogelon Mars (ELON)

July 3, 2022

Xchange Monster (MXCH), bringing the GameFi Revolution Now

July 3, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.