Today Bitcoin fell below $8,000 overnight on Jan. 9, ending a brief period of bullish movement that hit its highest since November 2019.
The pair had reached as high as $8,455 on Wednesday, while at press time, markets were targeting an area lower near $7,920.
Bitcoin began making gains last week in the wake of the Iran unfolded, as the geopolitical environment caused buyers to move in.
While the highest levels lasted only a matter of hours, our research dept. began turning their attention to the probability of Bitcoin filling the gap and moving higher. We are looking for the NFP on friday 1/10/2020 to wash out some more weak longs and expect this to move higher.
Here is a short of where bitcoin was last week you can see we were expecting a move higher and last week bought at 7300.
Here are our current buy levels on the Bitcoin Chart, we feel that at the levels of 7600- 7800 we should have a very good level to buy bitcoin.
We would like to also add that the anticipation of Bitcoin halving coming in soon this should help to push bitcoin higher.
The fundamental Reasons Bitcoin May Increase
Bitcoin's has a scheduled mining-reward halving coming in May 2020, this may leave prices for Bitcoin in a range between $20,000 and $30,000, according to our research department.
The projection by Gerard Mastra, managing member of Grow Business Loans.com and a Lead Trader at Fx Live Day Trading and represents a multiple of today $7800 price.
Based on a math model demand if Bitcoin holds steady at we expect a $650,000 within 18 months.
Bitcoins first two halvings in 2012 and 2016 helped fuel big rallies in bitcoin's price, and the many managers predicted earlier this year that the 2020 halving could drive the price as high as $90,000. Other analysts argue that, since investors know the event is coming, it theoretically should already be baked into bitcoin's price.
We feel that a price target of $50,000 by August 2020 is a reasonable price target since some of the expectations on halving are already baked into the Bitcoin.