Bitcoin is gradually recovering fast after December dip as Altcoins catch up. Will price break above $20000 and make a new all-time high? 6-12 January Bitcoin price prediction has the following.
06 January, AtoZForex – Bitcoin is the Cryptocurrency reserve coin. It amassed the largest portion of the market which was previously more than 50%. Meanwhile in the last months, this dominance has got diluted by serious investing in Altcoins. Last year for example, when most of the top 50 Coins appreciated, Bitcoin was not among the top 5 in term of % price appreciation. In addition to this, before the December holiday, Bitcoin and the major Altcoins were hit with a strong dip – the biggest of the year. While coins like Ripple and Ethereum fully recovered days after and appreciated even further, BTC is still recovering and stays below $20000. Its share of the total market share has now rocked the all time bottom at 36.1% according to the data from CoinMarketCap
Earlier in the year, I had personally thought price would even dip further after the formation of some technical patterns on the price charts. To a great deal, these patterns give useful information on general market psychology and where the general interest of traders/investors lie in the short/medium/long term. In the last update the chart below was used.
After the dip to $11200 low, price has completed two zigzag waves (on the third one now) back and forth. I think price could continue sideways to complete a triangle. I have observed that these coins often breakout fast after a triangle pattern. If the triangle is complete, where the breakout happens could decide the near term direction. If DOWN, bearish correction continues. If UP, the bullish trend resumes. I think DOWN is more likely. On the other hand, the triangle may not happen. A break above $16600 should be the next confirmation for the bullish trend to continue.
6-12 January Bitcoin price prediction: what next?
What happened afterward? Price broke above $16600 for the first time this year. The triangle pattern will no longer hold. I expect price to rally to $18000 soon. The rally from $11200 is still very much corrective. BTC not showing the kind of determined bullish move like XRP and ETH is still giving some concern. A strong dip below $15000 could still happen this month if price still looks reluctant to push up with strong momentum.
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