Evidently, cryptocurrency analysts are all over the map with their Bitcoin price predictions. While some are optimistic, expecting prices to soar to $1 million others forecast doom. Bitcoin halving is scheduled for May 2020. However, if Bitcoin forecasts are based on Logarithmic Growth curves, bulls are firmly in control. Based on an analysis of one analyst, Cole Garner, the highly probably trajectory for BTC price this year is up.
Strong Price Support at $6,400
The Logarithmic Growth indicator plots the log-log chart of BTC-USD prices making it possible for technical analysts and chartists to better read and understand the chart before drawing conclusions.
From what has been observed, BTC price is reacting from important resistant and support level of the indicator’s trend lines and Fibonacci level curves.
6/ Zooming in: notice how price just bounced off the channel bottom.
There's solid confluence there with BTC’s volume point-of-control for the last two years, at $6400.
I don’t expect a weekly close below that. pic.twitter.com/8qcyoJYrmg
— Cole Garner (@ColeGarnerBTC) January 2, 2020
Notably, BTC prices bounced off from a key support level at $6,400, a “solid confluence there with BTC’s volume point-of-control for the last two years.”
The failure of bears to press lower and reverse losses gains of Dec 18 are further indicators that BTC will probably edge higher rather than crumble, a boon for buyers and HODLers who had to contend with huge price swings after prices peaked in June 2019.
Bitcoin Fundamentals are Stronger than 2017’s
If BTC prices slump and close below the $6,400 support level, then Cole Garner is adamant that the best course of action for traders will be to HODL because “Price could linger underneath the channel for weeks, and it would still be a blip on the radar, big picture.”
Supporting this argument are bullish signs that indicate that the path of least resistance, despite the uncertainties of the last trading year and political resistance, is up. Besides, sharp price gains in previous years were at the back of FUD.
In 2019, fundamentals were better than those of 2017 and Bitcoin on-chain activities according to Willy Woo-an on-chain analysts, suggest that BTC is in a re-accumulation phase of a bull market.
Are we in a $BTC bear market?
No, we are in the re-accumulation phase of a bull market. pic.twitter.com/OcMyxA4EIY
— Willy Woo (@woonomic) December 28, 2019
Other predictions based on the same indicator show that BTC prices, assuming the same trend is maintained, will surge in the next decade to $70,000 in 2024 and $170,000 in 2028.
The price predictions certainly chart nicely… pic.twitter.com/5J5BBGnGF9
— dave the wave (@davthewave) December 7, 2019