Leo.syndication: Bitcoin: Why 2020 Could Be A Blockbuster Year by Victor Dergunov

Via @leo.syndication:

written by Victor Dergunov

Summary

• Bitcoin and many altcoins are exploding higher to start the year.
• The CME Group recently introduced Bitcoin futures options, another crucial step towards bringing Bitcoin and institutional players closer together.
• The Fed's continuous easing and central bank intervention around the globe should enable Bitcoin to go substantially higher long term as the monetary base expands ever greater.
• Despite its expanding network, about 99.0-99.5% of Bitcoin's applicable market share remains untapped.
• Bitcoin and many altcoins are likely going substantially higher from here.
• This idea was discussed in more depth with members of my private investing community, Albright Investment Group . Get started today »

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Why 2020 Could be a Blockbuster Year

Bitcoin (BTC-USD) as well as the cryptocurrency complex, in general, have gotten off to a remarkably strong start in 2020. In fact, since my "Bitcoin Overview: Critical Support Level" article was published on December 18th, Bitcoin has surged by roughly 34%.

It's Not Just Bitcoin

In the preceding article, I mentioned that some prominent altcoins got drastically oversold in the relentless wave of selling that occurred in Q4 2019. I also wrote that it was very likely a good spot to start accumulating some prominent altcoins, and that they would very likely outperform Bitcoin percentage-wise in the upcoming rally.

They Did Not Disappoint

Since then:

Litecoin (LTC-USD) is up by around 57%
Dash (DASH-USD) has skyrocketed by roughly 218%
Zcash (ZEC-US) has surged by about 96%
Bitcoin Gold (BTG-USD) gained around 200%
Ripple (XRP-USD) is up by around 33%
Monero (XMR-USD) has gained roughly 47%
Some altcoin gains have been astronomical, considering the very short time frame (less than 1 month). Nevertheless, I believe that Bitcoin and select altcoins have a lot of upside potential remaining long term, and the recent rebound is just the start of a prolonged move much higher.

The Technical Image

Source: Binance.com

We see that Bitcoin's technical image appears extremely constructive since the bottom was reached around $6,500 on December 18th. There was a sharp rebound from a crucial technical support level. This was followed by a healthy consolidation phase in which Bitcoin traded between around $7K and $7.6K for a couple of weeks. Then, Bitcoin took off, surging by roughly 30% since the lows of early this year.

If we take a longer-term view, we see that Bitcoin formed a reverse head and shoulders pattern from November to early January and is now filling out a cup-type pattern that will likely conclude at roughly $10K. From there, we can probably expect a slight pullback followed by a consolidation (handle of the cup) to materialize. After that, Bitcoin is likely to recapture its uptrend and retest prior highs of 2019 at around $14K.

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Author Bio:

Steem Account: @victordergunov
Seeking Alpha Account: Victor Dergunov
Twitter Account: @victordergunov

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