Cryptocurrency Market Forecast, Consolidation Coming To An End

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Cryptocurrency Market Forecast, Consolidation Coming To An End

Bitcoin Bottoming Action Points To Big Gains Ahead

The cryptocurrency market correction is a month old now and beginning to look like upward pressure is coming back. The correction wiped 25% off the value of BTC/USD which isn’t much, not in relation to past corrections. The good news is that bottoming is becoming evident within many of the individual cryptocurrencies and that points to one thing; big gains are on the way. The 2020 bull market rally may have hit a hiccup but it is not over, the fundamental drivers of the market are still present. The two most pressing drivers of price are the halvening of Litecoin and Bitcoin. While we still have several months until the BTC halvening, the LTC halvening is in less than two weeks.

Bitcoin Price Forecast

Bitcoin hit a new low about two week’s ago and since then has been edging higher. The move up off the low is not strong but it does shows support at the $10,000/$10,500 level. The most promising aspect of the chart is the indicators. Both MACD and stochastic support the idea of bottoming and are set up to fire bullish signals. A move higher in prices may find resistance at the short-term moving average, a move above the EMA would be very bullish and lead the indicators into their signals. Once the move begins, once the EMA is broken, the next targets are $12,400 and $13,000.

Litecoin Price Forecast

Litecoin’s halvening is in less than two weeks. At that time the available supply of LTC will be cut in half, miners will receive half as much block reward as before, and that will have a serious impact on the supply/demand balance. LTC has already been leading the market this year, I expect it will lead into the end of the year too once the halvening is completed. The LTC chart is similar in setup to Bitcoin with one major difference, the indicators are even more bullish. The coin is indicated higher with a strong bullish signal that is sure to take it up to the short-term EMA at least. A move above the EMA at $105 would be very bullish and likely take Litcoin up to $120 or $140 very quickly.

Ethereum Price Forecast

Even Ethereum is exhibiting bullish activity. Ethereum’s price has been lagging the general cryptocurrency market due to delays and uncertainty over the future of upgrades, the switch to proof of stake, and the networks scalability. Regardless, price action is showing signs of a bottom and is indicated higher. Momentum remains bearish at this time but it is close to crossing bullish, the stochastic is showing a bullish crossover and a strong one at that. The token is expected to move up the short-term EMA, a move above that level would be bullish and likely lead ETH/USD up to $280 and $340 in the near to short-term.

Cryptocurrency Market Forecast, Consolidation Coming To An End

Bitcoin Bottoming Action Points To Big Gains Ahead

The cryptocurrency market correction is a month old now and beginning to look like upward pressure is coming back. The correction wiped 25% off the value of BTC/USD which isn’t much, not in relation to past corrections. The good news is that bottoming is becoming evident within many of the individual cryptocurrencies and that points to one thing; big gains are on the way. The 2020 bull market rally may have hit a hiccup but it is not over, the fundamental drivers of the market are still present. The two most pressing drivers of price are the halvening of Litecoin and Bitcoin. While we still have several months until the BTC halvening, the LTC halvening is in less than two weeks.

Bitcoin Price Forecast

Bitcoin hit a new low about two week’s ago and since then has been edging higher. The move up off the low is not strong but it does shows support at the $10,000/$10,500 level. The most promising aspect of the chart is the indicators. Both MACD and stochastic support the idea of bottoming and are set up to fire bullish signals. A move higher in prices may find resistance at the short-term moving average, a move above the EMA would be very bullish and lead the indicators into their signals. Once the move begins, once the EMA is broken, the next targets are $12,400 and $13,000.

Litecoin Price Forecast

Litecoin’s halvening is in less than two weeks. At that time the available supply of LTC will be cut in half, miners will receive half as much block reward as before, and that will have a serious impact on the supply/demand balance. LTC has already been leading the market this year, I expect it will lead into the end of the year too once the halvening is completed. The LTC chart is similar in setup to Bitcoin with one major difference, the indicators are even more bullish. The coin is indicated higher with a strong bullish signal that is sure to take it up to the short-term EMA at least. A move above the EMA at $105 would be very bullish and likely take Litcoin up to $120 or $140 very quickly.

Ethereum Price Forecast

Even Ethereum is exhibiting bullish activity. Ethereum’s price has been lagging the general cryptocurrency market due to delays and uncertainty over the future of upgrades, the switch to proof of stake, and the networks scalability. Regardless, price action is showing signs of a bottom and is indicated higher. Momentum remains bearish at this time but it is close to crossing bullish, the stochastic is showing a bullish crossover and a strong one at that. The token is expected to move up the short-term EMA, a move above that level would be bullish and likely lead ETH/USD up to $280 and $340 in the near to short-term.

What to Expect in the Cryptocurrency Market Forecast by 2020?

Hey there, welcome to the cryptocurrency forecast for the year 2020. Let’s dive in to know further.

The crypto industry is facing a lot of Ups and downs recently. The year 2020 cannot be fully termed as bearish or bullish as the cryptocurrency market experienced both these trends. However, November sees most of the currencies in the red region.

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In this article, I would like to predict how the cryptocurrencies will fair in the year 2020. Below analysis and prediction of 2020 are based on the current cryptocurrency market trend.

Factors Affecting the Cryptocurrencies in 2020

Let’s see the factors that will affect the crypto market in 2020 ��

China’s Blockchain Adoption

As we all know, China is all set to adopt Blockchain into its day-to-day activities. The Chinese Government is diligently working towards this adoption. The news has already created quite a stir in the industry and the prices of most of the cryptos including Bitcoin have surged. This Bitcoin and crypto price trend would likely continue in the coming year 2020.

Halving and Hard forks

2020 year-end and 2020 have many halving and hard forks events lined up. Bitcoin halving in May 2020, Bitcoin Cash Halving by May end, Ethereum hard fork in June 2020, Bitcoin hard fork in Jan 2020, Monero Hard Fork are some from the wide lists of such events. Each event will affect the crypto industry and prices will swing.

Updated Crypto Regulations

As every country is either launching digital currency or adopting blockchain, new crypto regulations are bound to come into the market. Either the rules will be more strict towards crypto trading or will push the traders to alternate options. All-in-all, the crypto market will be affected in 2020 by these regulations.

Introduction of New Coins/ Tokens

Every alternate day, there is a new coin being either launched or announced. Facebook’s Libra is the most sought out coin of 2020. With the anticipation of these coins, it is hard to predict on which side the crypto industry will lean.

The CoronaVirus Pandemic

Coronavirus, also renamed as COVID-19 (World Health Organisation), is the most novel virus spread in mainland China. The deadly virus already recorded around 1000 fatalities. It has also spread to other Asian countries and slowly spreading to other continents.

The crypto market has faced lot of fluctuations since the outbreak. With the corona outbreak, cryptocurrency prediction for 2020 have taken a different turn

Other Miscellaneous factors.

Now, we have seen what are the factors that affect the cryptocurrencies. Let us have a look at how the bitcoin and some altcoins price will fare in the upcoming year 2020.

How the Crypto market will be Affected in 2020?

Bitcoin Price Prediction 2020

It is common knowledge that whenever cryptocurrency is mentioned, Bitcoin is the first to come to all of our minds. Let us first analyze the topmost cryptocurrency in this prediction, Bitcoin market in 2020.

Bitcoin, since its inception, has seen steady growth. It had reached an all-time high on Dec 2020, around $19k. Following that, the BTC price has seen a downtrend with occasional upsurge.

Based on the current market, Bitcoin is said to reach its all-time high of $20,000 by the first quarter of 2020. The second half of 2020 is what will be a deciding factor for Bitcoin price. With the scarcity of BTC Coins, the price is bound to increase in the second half. One of the influencers, John McAfee believe Bitcoin will rise with 100% and trade at $1 Million by 2020 end.

Ethereum Price Prediction 2020

It is the second most popular cryptocurrency next to the BITCOIN. Ethereum went live in July 2020. Since then, if we look at the growth chart, there is a steady increase until 2020 end. However, in Jan 2020 the ETH price took a great upsurge reaching its highest ETH/USD price of $1396.42. Following that, the year 2020 and 2020 price saw a decline in the ETH prices. As of now, Ethereum’s price has a slight variation of around 1 to 2% leaning either on the positive or negative side.

Analyst CoinKir’s technical analysis expects Ethereum to start 2020 at around $720 and then slowly increase. By the end of 2020, they expect Ethereum to become more than double, to $1488. Another prediction comes from LongForecast service which predicts Ethereum price to face up’s and down’s ranging between $474 up to a high of $672. So is this possible? What do you think?

XRP Price Prediction 2020

Moving onto the next altcoin. Ripple (XRP) is also among the top 5 cryptocurrencies. After Ripple was created in 2020. However, the price gained momentum, not until 2020. In Jan 2020, the XRP/USD price reached its peak at approx $3. Since then, to date, we see a lot of activity in the price chart.

Ripple price has the potential to hit $1.0 by the end of 2020 and increase towards its all-time high by the end of 2020. Tremendous growth is expected in 2020. According to another analyst WalletInvestor, XRP price may rise by 380 percent and reach $0.6-0.7 in a couple of years.

I have listed how some of the coins will fare individually in 2020. Let us see what the cryptocurrency prediction has to say in the upcoming Gregorian year 2020.

Cryptocurrency Forecast for 2020

As discussed earlier, this 2020 is gonna bring a lot of exciting changes and innovations in the cryptocurrency industry. The market analysis reports a steady rise in the no. of cryptocurrency and blockchain-related startups. Also, the ICO’s, mining, dApps, etc. are about to increase.

The blockchain industry is on the rise and expected to bloom in 2020. Many established companies like Coca-Cola, VISA, Walmart are adopting Blockchain in their day-to-day activities. Based on these analyses in cryptocurrency forecast 2020, it is easy to say that Cryptocurrency is the future.

Should you invest in Cryptocurrency in 2020?

The crypto market is still evolving and new coins or projects are being introduced at a faster pace. Many analysts are positive about cryptos in 2020. We bring forward some of the Analysts views:

  • Tim Draper, a Venture Capital Investor has predicted that the cryptocurrency capitalization will increase up to $80 trillion in upcoming years.
  • JP Morgan CEO, Lori Beer believes that Blockchain will replace the existing technology.

We think the cryptocurrencies on this list are among the top assets that will dominate in 2020. Should you wish to add some more points we might have forgotten, let us know on our Facebook & Twitter handle. We will surely consider it.

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