Bitcoin price has been an yet another unbelievable tear in 2019, similar to the major bull market run it saw in 2017, rising from only ~$800 to start the year to an all time high of ~$19,600 in December 2017 before crashing in 2018 eventually reaching low of ~$3,150 in January 2019.
I’ve been betting on Bitcoin on both the long and short sides since 2017. There have been a lot of hard knock lessons learned along the way. Unfortunately, I was shorting it in 2017 (one year early) so what should have been an amazing year of BTC/USD price appreciation, I experienced liquidations for leveraged margin positions. What was even worse is that I was trading on Kraken at that time. They we’re constantly going offline every time there was heavy buying volume, making it impossible for their customers to buy and sell Bitcoin at premium valuations during heavy market volume and volatility.
I made a lot of spot on predictions in the price of Bitcoin during the first half of 2017. Then I thought it was overvalued and needed to return to test the $2,850 major resistance level of early 2017. It actually tested $2,950 once after it hit $5,000. It had a second retest of $3,000 and then it took off. I was so fixated on it going to retest the exact price of $2,850 that I overlooked the notion that buying demand could be too strong for it to reach that exact level. Then again in January 2019, Bitcoin once again retested $3,000. It found solid support and has been on a bull run ever since rising nearly 400% this year at current levels approaching $12,000.
I was a long time bear with regards to the price of Bitcoin. However looking at the technical analysis of key support levels, clearly the crash is over and Bitcoin is heading to new all time highs in my opinion. I think the price will double from here ~ $12,000 to a new all time high of ~$24,000~$25,000 before Christmas 2019. If you look at the chart for Bitcoin over a weekly or monthly view, you can see that every year for the past 6 years Bitcoin has reached a high in December, before crashing in the first few months of the new year. This pattern has held consistent for 6 years straight, with the majority of the years seeing a big bull run leading up into the end of the year.
The number of online casinos that accept Bitcoin has been increasing and online gambling sites are arguably one of the world’s first practical use cases for Bitcoin as a payment method, creating real buying demand from gamblers that wish to gamble online with Bitcoin and not Dollars, British Pound Sterling or Euros. Online casinos could set the cryptocurrency industry standard of how bitcoins are bought and used for making payments, making it more than only a speculative investment.
Combine these technical analysis reasons with the current momentum and renewed investor interest and I think a BTC price rocket to $24K is the ride that we’re on right now. I am actually long a small position of Bitcoin and planning on adding more as more signs and confirmations of a major bull run have been confirmed. It looks to me like another Bitcoin price surge is on the horizon…