The year 2020 started on a positivity note for the flagship cryptocurrency as it started the year close to the $7,000 mark. Analysts foresaw the chances of a retracement as it seemed to have bottomed the price chart when it hovered around $7,000.
On BTC price movement, John Bollinger, trader, and inventor of the Bollinger band indicator said although positivity looms around BTC prices it may be too early to say it’s bullish in the long term trend.
This recent price activity has brought questions to mind. The foremost question is if the flagship cryptocurrency has broken the jinx of the downtrend it started late last year? Bollinger opinionated that it may be too early to ascertain a long term bullish scenario, as it sure needs more evidence to predict such.
The GTI Vera Band, which monitors the bullish and bearish trend to determine price patterns, indicates that the beginning of the bullish BTC for the new year is set to be corrected, according to a Bloomberg report. The same index indicated a future problem on July 31, 2019, before BTC started a 31.8% decrease from $ 9,766 to $ 6,665 on December 18, 2019.
The importance of BTC trends in the next few hours may prove to determine the direction in which the cryptocurrency will head in the days and even weeks to come.
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