Bitcoin 2019 Looked a Lot Like Bitcoin 2018
December 24, 2019 by Jack Anderson
EDIT THE NEWS
While many are getting ready to celebrate Christmas, Bitcoin owners, on the other hand, look at Bitcoin's past years’ price action with a feeling of déjà vu.
In many ways, for Bitcoin, 2019 looked a lot like... 2018. After a gigantic jump to highs of nearly $20,000 in December 2017, Bitcoin has fallen in a classical downward wedge from February to November 2018, until stabilizing around the $6,000 mark, and finally, plunging into the abyss with lows of $3,000.
Since then, Bitcoin made a swift recovery jumping to a high of $13,700 in June 2019. Once again, we are seeing consolidation in a long downward wedge, which we have yet to break out of in either direction. At the end of yet another difficult year for the crypto asset, the end of the current trend appears to be at or near the long term support of $6,000. The question remains: will Bitcoin plunge to new yearly lows again like it did in 2018, or will it finally brake out upward? For the time being, the answer to that question will remain anticipated by many in the crypto space.
At the end of the day, while technical analysts spend countless hours on the charts, remember that no one knows for sure if the price of Bitcoin will go up, down, or continue sideways. Perhaps the best thing this Christmas Eve is to celebrate the holiday, and hope that 2020 will bring better prospects for the digital asset, which is sure to surprise us again, in one way or another.
on 2020-01-01 13:40:44 ET
I remember when everyone said '2019 is gonna be the year of crypto!', then btc went straight to 5k... Hopefully 2020 will be the opposite.