Bitcoin Price 2019 Trend Current State

Currencies / Bitcoin Sep 18, 2019 - 03:03 PM GMT

Bitcoin continued it's bear market into 2019 hitting a low of $3,400 by Mid Feb, following which the bitcoin price entered into a trading range with an upward bias with resistance at $4,300 and rising trendline support from the $3,400 low as illustrated by the chart from my last update of late April 2019.

At the time Bitcoin had breached resistance at $4,300 and was targeting a trend to the $7,000 area which brings is to the present :

The bitcoin gamblers market continued it's technical bull run to a spike high of $13,900 late June, a rally that has resolved into a wide trading range of between $12,500 and $9,400.

Bitcoin isn't a market that I actively trade, in fact I consider it a gamblers market which is born out by it's volatile price action, lack of volume on exchanges where many tend to report dubious trading volumes, a market that is subject to the whims of threats of regulation and even actions to ban trading in crypto's altogether, with the list of crypto ban countries expanding every few weeks which currently includes the likes of China, Russia and India.

And then investors run the risk of their bitcoins holdings being stolen as exchanges disappear over night taking investor holdings with them. That's if investors don't lose their holdings all by themselves either through corruption of wallets or cyber crime such as phishing.

So Bitcoin is not a currency or investment, instead trading in Bitcoins is gambling and worse for the ever expanding list of alternative crypto's. Nevertheless, here is my analysis that seeks to conclude in the most probable trend forecast for the Bitcoin price into 2020.

Bitcoin Price Analysis and Detailed Trend Forecast

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By Nadeem Walayat

http://www.marketoracle.co.uk

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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