Crypto traders expect Bitcoin (BTC) price to reach $ 15,000 in the third quarter of 2020. Bitcoin (BTC) price has surpassed $ 10,000 yesterday, making a serious recovery since the fall in March. Investors believe that rally begins with market capitalization due to the combination of positive factors.
Based on technical data alone, analysts expect Bitcoin price to rise to $ 15,000 by the third quarter of 2020. Historically, the $ 10,000 level acted as a psychological level for the BTC price. A clean break of such an important price level in a short time can lead to a new rise.
Strong Resistance Range
Bitcoin broke a perennial cycle dating back to December 2017. Another leg up to $ 10,500 will confirm the beginning of a new cycle, possibly the basis for another powerful rally.
In 2019, the highest level of Bitcoin was $ 14,000 on major exchanges. In December 2017, both monthly candles closed at the same level, indicating that $ 14,000 remained the key resistance in the medium term. If Bitcoin price exceeds $ 11,000 or consolidates above $ 9,500, it will set BTC to test $ 14,000. Given the extreme elongation tendency of BTC, often called a bluff, there is a chance to rise up to $ 15,000.
Effect of Halving on Bitcoin Price
The expected Bitcoin halving event is short. Historically, the price of Bitcoin tends to increase from 1,200 to 6,000 percent, about 10 to 11 months after the halfway has occurred. Bitcoin also increases gradually after being halved and gets a resistance level each time. Therefore, if analysts expect the price of BTC to recover the all-time high in 2020, this can happen gradually. It can continue its BTC momentum, with many other key rising factors such as halfway, increased chain activity, and developer activity.
High Volumes and Corporate FOMO
Retail demand for Bitcoin continues to increase. In addition, institutional investors are investing as much as individual investors. According to Grayscale’s first quarter report of 2020, 88 percent of the investments came from institutions. This means that from January to March, institutions have invested $ 443 million in the cryptocurrency market.
Following the decision of Paul Tudor Jones, financial hedge fund manager, to invest in Bitcoin, corporate demand is expected to increase further. This situation allows defining BTC as a risk against inflation.
Bitcoin’s optimistic technical data, increased corporate interest and halving effect can take BTC to new heights in the third quarter of 2020.