Over the past week, the price of the world’s largest cryptocurrency by market capitalization has undergone a strong consolidation. Traders are speculating that Bitcoin might go through a strong price drop in regards to the cryptocurrency forming a swing failure pattern at its highs. However, one analyst believes that Bitcoin could soon move towards its all-time highs above the $20,000, based on the Elliot Wave. Bitcoin Price Could Soon Hit Above $20,000 Over the past week, Bitcoin has undergone a strong consolidation with the price of the cryptocurrency trading between $18,500 and $19,500 range. Investors believe that this is a signal for a major price drop. However, one analyst says that this is an indicator that the cryptocurrency will likely soar higher. Crypto analyst Philip Swift stated that the BTC is in the middle of trading in an Elliot Wave pattern. This suggests that the cryptocurrency will go above $20,000 and beyond. In the world of technical analysis, Elliot Wave is a phenomenon where markets move in a predictable pattern or waves based on the larger fundamental trends and investor psychology. If one has to look into the current charts of Bitcoin based on the Elliot Waves pattern, the cryptocurrency could soon move to its all-time highs. The Cyclical Nature of Bitcoin In the coming weeks, the next leg might bring the cryptocurrency above its $20,000 resistance level. The analyst further highlighted that over the past four years, the cryptocurrency went through a crucial reversal in the middle of December, while saying: “The cyclical nature of Bitcoin: 15-18 Dec 2016: Parabolic bull run begins 15-18 Dec 2017: Cycle top 15-18 Dec 2018: Cycle bottom 15-18 Dec 2019: Post Plustoken low 15-18 Dec 2020: ??? Perhaps nothing this year OR…small pullback into mid-Dec before a new parabolic bull run?” The above cycle indicates that Bitcoin might too undergo the start of its next exponential cycle in the middle of December 2020.
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