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Despite The Current Price Action Bitcoin Remains In Its Macro Uptrend

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Round Gold-colored Bitcoin

Bitcoin (BTC) has been traded close to $7,200 in the last few days and many analysts consider it could continue falling in the near future. However, the most popular cryptocurrency continues in its macro bull trend that started ten years ago. 

Bitcoin Remains Traded On Its Bull Trend

According to the cryptocurrency analyst Crypto Birb, Bitcoin could be moving towards positive territory in the coming year, but before this happens, it could test the $5,400 and $5,600 region. The analyst is having a look at the 50-week and 100-week simple moving averages in which the first one is surpassing the second one. 

This ‘golden cross’ is going to have a positive effect on the Bitcoin price next year, however, the leading cryptocurrency could yet fall by 20%-25% in the coming weeks. As reported by Crypto Birb, this price level would represent the 0.786 Fibonacci Retracement level. Moreover, he explained that December has usually been a month for extreme price pivots and this one may not be the exception. 

At the time of writing this article, Bitcoin is being traded around $7,150 and it has a market capitalization of $129.38 billion. 

It is worth mentioning that other analysts and traders are expecting a similar move for Bitcoin in the near future. For example, the professional trader Cold Blooder Shiller said that the cryptocurrency could eventually fall to $4,500 and start recovering part of its price after it. 

In order for this to happen, Bitcoin would have to experience a massive volume spike that would drive the price below $5,000 for a brief period of time before being traded above $6,000. 

About it, he commented:

“For now. I’m waiting for a huge volume anomaly with price leaving the channel. Once this happens I think we’ll have a strong climax to begin a sideways range. This is exactly the same way the $13,000 top was formed. Until then I’m just guided by the channel.”

Bitcoin is going to experience a halving event in May 2020 and this is also expected to have a positive impact on the price of the cryptocurrency. If the demand for it grows, it could be possible to see a massive price increase considering that the new issuance of BTC would be reduced by half. 

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