Bitcoin price was on downtrend, after a short resurgence. About a day ago, hope of BTC growing further came alive within the crypto space, but later bowed to the persistent pressure mounted by bears. However, the past few hours have given room for the bulls to thrive in a surprising fashion. As the price uptrend is expected to persist, a crypto analyst shared that Bitcoin could still hit $20,000 before the end of this year.
Bitcoin lost almost $500 within few hours, dashing the hope of breaking above $10,000 resistance level. BTC has not seen remarkable rise lately, but devastating fall has rather been usual with the cryptocurrency.
However, Bitcoin recently made a significant move to surpass $10,000 mark in a very short interval. The move took the digital currency few minutes to regain over $1000 from its losses.
Before the shocking parabolic movement, Bitcoin was trading below $9300, strengthening the possibility of losing $9,000 support level. Other top cryptocurrencies also joined BTC in the price rally.
This is arguably the greatest parabolic move of Bitcoin, as it displayed its high volatility feature in full scale. This recent surge would raise the hope investors, especially the traders that have bought the dip without hesitation.
At the time of writing, BTC is trading at $10,597.42, with relatively 10% price upsurge in the last 24 hours. When Bitcoin price was dipping, some analysts remained resolute that the cryptocurrency price is in the Bull Run.
Analyst Says Bitcoin Could Still Hit $20k in 2019 If History Repeats Itself
Some crypto analysts have reiterated the possibility of Bitcoin attaining its all-time high anytime soon. Some even claimed higher price levels for BTC.
Looking at the growth rate of Bitcoin since inception, one might not argue any high price predicted for the digital currency. If BTC continues to progress geometrically, it could eventually leave the pessimists and critics at the mercy of a big surprise.
A crypto analyst, by the name Crypto Theis, recently put up his sentiment about the possibility of Bitcoin hitting $20,000 before the end of 2019.
In corroboration with the past predictions, the analyst averred that October to January has always been bullish for BTC historically. He also added that it is possible for Bitcoin never to see any price below $10,000 again.
He said “While BTC is consolidating above its 2018 resistance & likely prepping for its next move of parabolic growth. October – January are historically the most bullish. Food for thought: It’s probable we see $20k in 2019. More importantly, we potentially won’t see sub $10k again”