Crypto: Why 2017 Bitcoin Will Come Back in 2019
Our bitcoin technical analysis has been showing the same patterns as in 2017. So far, BTC has been jumping from resistance to support in a matter of minutes. Though some investors are worried, it is obvious that bitcoin is not calming down yet.
The charts from 2017 show some minor rise and drops through the year leading to the December boom. Though the resistance had minor changes weekly, it led up to a larger change soon.
This year the resistance has been going through more drastic changes every week. Starting at $3,729.78 in January and moving to $5,057.250 in March. May managed to boost BTC to a much larger resistance at $8,555.85 finally getting to $9,197.57 at this hour.
The change in resistance has been inconsistent, as it usually is with uncontrolled trading elements. May raised the resistance by $2,715.77 in weeks. So far in June, the resistance rose by $641.72. There are two more weeks left until the end of historically the best month for Bitcoin.
Looking at the previous month, the rise was gradual but started early. Towards mid-May, the change was becoming apparent. June is no way behind, the price fluctuations we witnessed in the last couple of days left us jaw-dropped.
It should be expected for bitcoin to keep dropping until tomorrow night, only to rise drastically on Thursday until right before releasing the regulations.
Quick 2017 Bitcoin Technical Analysis
In 2017, Bitcoin was acting the same way as now. In May, BTC managed to raise the resistance by $1,000.14 in weeks. That June it peaked the highest of the year up until then at $2,900.25.
Then it started to drop, and the end of summer started rising again. Since then the chart kept going up with minor drawbacks. The boom began at the end of November when the resistance rose by $1,586.53.
Mid-December we saw the numbers never seen before for any crypto. The price went up to $19,345.49, raising the resistance by $8,432.76 in only two weeks.
2017 vs. 2019 for Bitcoin
So what does this mean for BTC in 2019? Judging from the 2017 and 2019 May-June relationship, the numbers keep going up in the same pattern. The change has been even more drastic this year, but keep in mind that the numbers we are dealing with are higher as well. The change of resistance in a month was twice as much as in 2017.
If the pattern continues as before, we should see another rise in August. The resistance should go up twice as high as in 2017 as well, so we would see five digit numbers. The exact number would be between $2-3,000, putting the price at about $12,300.
Down the road November should boost the price even higher, only to lead to up to $25,000 before 2020. As it is though, the number does not stay that high up for long. The drop is unavoidable in 2020.
What Would Get in the Way of BTC?
Keeping in mind that the bitcoin rivals are also acting up, the price might be stunned at some point. Facebook’s GlobalCoin should rival BTC the most after the initial release. Since it will be a stablecoin in countries with inflation, BTC might lose a large number of potential customers.
Additionally, the new regulations which will be released end of the week will affect BTC. Though we consider the effect to be positive, as many more traders will join the crypto trade due to the safety of funds. Obviously, many will leave as well.
The trade-wars have not been affecting the crypto market as much as commodities, but we need to see what the future holds first. But the relationship between 2017 and 2019 seems very apparent. Let’s hope it will all come true.