BitMEX Research Unveils Bitcoin (BTC) Price Predictions As Analysts Track Potential Shift in Momentum
The research arm of the cryptocurrency exchange BitMEX has released a set of predictions for 2020.
Its outlook suggests Bitcoin’s trademark volatility is likely to continue.
According to BitMEX, BTC’s dominance of the overall crypto market will remain under 75%. The number suggests the altcoin market is here to stay for the foreseeable future, despite predictions to the contrary.
In 2019, Bitcoin’s dominance steadily increased for most of the year, hitting a peak of about 70% in September. It is currently at 68.85%, according to CoinMarketCap.
Historically, the altcoin market rallies when Bitcoin’s dominance drops.
According to BitMEX Research, BTC’s share of the overall market could dip to as low as 30%. BTC last hit the low 30% range – 32% to be exact – at the height of the Bitcoin and altcoin market frenzy in January of 2018.
BitMEX Research is also mapping out a broad set of price predictions for BTC.
The company expects Bitcoin to rise as high as $15,000 in the year ahead and says it will remain above $2,000 in a worst case scenario.
In the short term, popular analysts Scott Melker and The Cryptomist are tracking a potential Bitcoin bounce.
The Cryptomist is looking for bulls to break through $7,650 to build momentum for a further increase.
“Wedge playing out perfectly thus far. Yesterdays target attained.
If we can break this 7650 resistance then I feel 8400 region is next. Question is, sideways first?”
Scott Melker of West Texas Capital says he just increased his position, buying BTC at $7,445. He’s looking for Bitcoin to break resistance at about $7,860.
“Different view, same area. As you can see, $7,860-70 is the key resistance.
It is also the top of the local trading range (blue shaded area). The wick below the range was a clear signal that price was likely to bounce. Now it needs to exit the range.”
Meanwhile, analyst Josh Rager is reminding crypto traders to zoom out.
He says BTC remains stuck in a bearish channel. He’s looking for bulls to break through about $8,000 in order to shift the momentum.
“Feeling bullish after that $1k move? Zoom out and you’ll see price is still very much in a downtrend.
Needs to break/hold above $7950/$8k for any talk of a potential reversal Break previous low and likely head under $6k where $5,300 area is a promising place for buyers”Featured Image: Shutterstock/GrandeDuc